ADQ expands utility footprint with ENEC acquisition

UAE’s Emirates Nuclear Energy Corporation (ENEC) which sets up and manages nuclear energy plants in the emirates will be now owned by the state-owned holding company ADQ.

The move comes after Abu Dhabi executive council issued a resolution transferring ownership of ENEC to ADQ. The transaction is not expected to affect permissions, licensing, exceptions and approvals from federal and local government organizations regarding ENEC, nor any of its affiliated companies. ENEC’s agreements, contracts and warranties approved prior to the issuance of decision too will remain out of the preview of the transaction.

“We welcome ENEC to our portfolio of companies which comprises some of Abu Dhabi’s most successful and ambitious enterprises. We are working closely with our utilities companies, including TAQA, EWEC, ADSSC and now ENEC, to advance our nation’s solid infrastructure that is vital for supporting the growth and development of many sectors of the economy.”

ENEC will join ADQ’s extensive utility portfolio that also includes an energy holding company, Abu Dhabi National Energy Company (TAQA), Emirates Water and Electricity Company (EWEC) and Abu Dhabi Sewerage Services Company (ADSSC).

“We are pleased to join ADQ, as part of our commitment to advancing Abu Dhabi’s long-term economic diversification. We remain fully committed in our quest to delivering this new form of emissions-free electricity to strengthen and sustain the UAE’s energy sector. With the recent commencement of operations of the Barakah Nuclear Energy Plant, we are supplying clean electricity to the UAE, and are committed to safely and efficiently generating electricity, supported by working with our UAE partners and stakeholders.”

The executive council decision allows ADQ to transfer ENEC to a public joint-stock company, either wholly owned by ADQ or any of its wholly-owned affiliated companies.

Earlier, ENEC has stated that the reactor of Unit 1 at the Barakah Nuclear Energy Plant managed through its operating and maintenance subsidiary Nawah Energy Company achieved 50 percent of its electricity production capacity.