ADQ monetises minority stake in Taqa to Multiply Group, Abu Dhabi Pension Fund, other investors

ADQ monetises minority stake in Taqa to Multiply Group, Abu Dhabi Pension Fund, other investors

Abu Dhabi-based investment and holding company, ADQ has entered into an agreement to monetise a stake of 8.6 per cent in Abu Dhabi National Energy Company (Taqa) to Multiply Group, Abu Dhabi Pension Fund and other prominent investors, according to the state news agency, WAM. Taqa has significant investments in power and water generation, transmission and distribution assets, as well as upstream and midstream oil and gas operations. The company operates in 11 countries globally and has recently taken a controlling stake in Masdar’s renewable business, along with ADNOC and Mubadala, which aims to become a global leading clean energy company, targeting more than 50GW capacity by 2030. Mohamed Hassan Alsuwaidi, MD and CEO of ADQ, said: “The transaction underlines our efforts to attract long-term institutional partners and leverage monetization opportunities that ensure we generate sustainable capital growth and a balanced portfolio of diversified investments. We also believe this transaction will support our aspiration to facilitate increased free float in TAQA and Abu Dhabi’s capital markets.” As a majority-owned portfolio company of ADQ serving as its key growth platform within the utilities sector, TAQA remains a key asset within ADQ’s energy and utilities portfolio supporting its activities in accelerating the