Abu Dhabi National Energy Company (PJSC)’s Shareholders have decided through the vote to transfer the majority of Abu Dhabi Power Corporation’s water and electricity assets to Taqa which will create one of the top-10 integrated utility companies in the region by controlled assets.
Once the transaction concludes in the third quarter of the year. Taqa’s assets will hold the bulk of the stakes in almost all power and water generation plants in the UAE. It will also continue to operate in the USA, Oman, Morocco, India, Saudi Arabia and Ghana, as well as on oil and gas operations in the UK, Netherlands, Canada and Iraq.
“As ADQ seeks to harness and enhance the value and diversity of our investment portfolio to drive Abu Dhabi’s economic growth and prosperity, this transaction demonstrates what that means in highly visible and practical terms,” Mohamed Hassan Alsuwaidi, CEO of ADQ,vice chairman of ADPOWER and board member of Taqa.
“The energy and power sector remains core to Abu Dhabi’s economy, and is still one of its most strategically important and most potent as a generator of revenue and a multiplier of value,” Mr. Al Suwaidi added. “Measured by scale and scalability, technical expertise and earning ability, the new combined entity is a true regional utility champion, and a powerhouse for Abu Dhabi’s future.”