Taqa shareholders approve ADPower deal

Taqa shareholders approve ADPower deal

The transaction creates one of the largest utilities companies in the GCC, and a top-10 integrated utilities player in the EMEA region by regulated assets.. The transaction, which is scheduled to close in the third quarter of 2020, creates a regional utilities champion with the financial strength and expertise to accelerate the transformation of the UAE's power and water sector and the capacity to pursue new growth opportunities in international markets.. The transaction consolidates the interests of the Abu Dhabi Government in power and water production assets in the UAE and creates one of the largest integrated utility companies in the GCC region.. Energy Strategy 2050 and Water Security Strategy 2036, designed by the Ministry of Energy and Industry to advance the cleaner and more efficient use of resources.. Taqa will become a regional leader with the financial muscle and expertise to accelerate the transformation of the water and electricity sector and the capacity to pursue new opportunities in other international growth markets.. Taqa will be a top-10 integrated utilities player in the EMEA region by regulated assets and one of the largest publicly listed companies in the UAE, based on market capitalisation..