Adnoc, Taqa close landmark clean energy and decarbonisation transaction

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UAE
  • Date: 23-Sep-2022
  • Source: Gulf News
  • Sector: Oil & Gas
  • Country: UAE
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Adnoc, Taqa close landmark clean energy and decarbonisation transaction

Abu Dhabi: Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company PJSC (TAQA) announced Friday the successful financial closing of their $3.8 billion strategic project to power and significantly decarbonise ADNOC’s offshore production operations. Together with a consortium comprised of Korea Electric Power (KEPCO), Kyushu Electric Power Company (Kyuden) and Électricité de France (EDF) (the Consortium), this is a first-of-its-kind high-voltage direct current (HVDC) sub-sea transmission network in the MENA region. The innovative project progressed rapidly from concept to development phase with construction starting in early 2022, underscoring both ADNOC and TAQA’s leading positions to drive climate action and support the ‘UAE Net-Zero by 2050 Strategic Initiative’. The Consortium will build, own, operate and transfer the state-of-the-art transmission system alongside ADNOC and TAQA, with the full project being returned to ADNOC after 35 years of operation. Commenting on the successful financial closing of the transaction, Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Special Envoy for Climate Change and Managing Director and Group CEO of ADNOC, said: “ADNOC has once again demonstrated its ability to successfully structure and close a bold and progressive transaction that will help secure our low-carbon future as we intensify