Adnoc and Taqa conclude $3.8bn clean energy and decarbonisation deal – The National

Adnoc and Taqa conclude $3.8bn clean energy and decarbonisation deal – The National

Abu Dhabi National Oil Company and Abu Dhabi National Energy Company, better known as Taqa, have closed their $3.8 billion strategic project to power and decarbonise Adnoc's offshore production operations.

A consortium comprising Korea Electric Power (Kepco), Kyushu Electric Power Company (Kyuden) and Electricite de France (EDF), will build, own, operate and transfer (BOOT) the high-voltage direct current (HVDC) sub-sea transmission system alongside Adnoc and Taqa, the two Abu Dhabi companies said in a joint statement on Friday to the Abu Dhabi Securities Exchange.

The Kepco-led group of companies collectively holds a 40 per cent stake in the project on a BOOT basis, with Adnoc and Taqa each owning a 30 per cent stake.