Taqa, ADPower complete deal to create utility giant

Taqa, ADPower complete deal to create utility giant

ABU DHABI, 7 hours, 59 minutes

ago



Abu Dhabi National Energy Company (Taqa) has announced the successful completion of its transaction with Abu Dhabi Power Corporation (ADPower), thus creating one of the largest utility companies in the Europe, Middle East and Africa (EMEA) region.

The transaction - which was first proposed by ADPower to the Taqa Board of Directors in February 2020 and received Taqa shareholder approval in April 2020 - saw ADPower transfer the majority of its power and water generation, transmission and distribution assets to Taqa in exchange for 106,367,950,000 new shares.

With the completion of the transaction, Taqa, which is listed on the Abu Dhabi Securities Exchange (ADX), is now the UAE's third-largest publicly traded company by market capitalization and among the top-ten integrated utility companies in EMEA by regulated assets.

Taqa currently has 23 GW of power generation capacity globally and 916 MIGD of water desalination capacity, of which 1.4 GW are from renewable sources. Taqa also has a further 4.4 GW and 200 MIGD under development, including 2 GW from renewable sources.

 Across the UAE, its assets now include 12 power and water generation plants in operation. Taqa now also owns all of Abu