Taqa, ADPower complete deal to create utility giant

Taqa, ADPower complete deal to create utility giant

Admin 19 hours ago Local News

ABU DHABI / WAM

Abu Dhabi National Energy Company (Taqa), on Wednesday announced the successful completion of its transaction with Abu Dhabi Power Corporation (ADPower) creating one of the largest utility companies in the Europe, the 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 this year - 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 Abu Dhabi Securities Exchange, is now UAE's third-largest publicly traded company by market capitalisation 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. As a result of the transaction, ADPower will