UAE Business: Adnoc, Taqa close landmark $3.8bn clean energy project deal – Gulf Digital News

UAE Business: Adnoc, Taqa close landmark $3.8bn clean energy project deal – Gulf Digital News

Abu Dhabi National Oil Company (Adnoc) has announced that it has joined hands with Abu Dhabi National Energy Company (Taqa) for the successful financial closing of its $3.8 billion strategic project to power and significantly decarbonise its offshore production operations.

Together with a consortium comprising Korea Electric Power (Kepco), Kyushu Electric Power Company (Kyuden) and Électricité de France (EDF), 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 returned to Adnoc after 35 years of operation.

On the successful financial closing, Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Special Envoy for Climate Change and Adnoc Managing Director and Group CEO, 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 our efforts to decarbonise our operations."

"This innovative and first-of-its-kind project