TAQA acquires stake in Taweelah B IWPP project

TAQA acquires stake in Taweelah B IWPP project

ABU DHABI, 20th January, 2023 (WAM) -- Abu Dhabi National Energy Company (TAQA) announced today that it has entered into the Operations and Maintenance (O&M) of the Taweelah B Independent Power and Water Plant (Taweelah B IWPP) and acquiring an additional stake in the plant.

As part of a transaction valued at US$65 million (approx. AED239 million), TAQA has completed its acquisition from BTU Power Company and its liquidators of BTU’s entire interest in the Taweelah B IWPP in the Emirate of Abu Dhabi.

In particular, TAQA acquired an additional 10% ownership stake in the owner of the Taweelah B IWPP – Taweelah Asia Power Company (TAPCO), thereby increasing TAQA’s overall ownership stake in TAPCO to 70%. In addition, TAQA acquired a 25% ownership stake in Asia Gulf Power Service Company Limited (the O&M contractor to TAPCO).

The transaction will help support TAQA’s commitment to delivering its strategy of capturing additional growth, enhancing its O&M capabilities, and becoming a lead developer and operator in the region, including in the UAE, Ghana, and Morocco.

Farid Al Awlaqi, TAQA Group’s Executive Director of Generation, commented, “TAQA has ambitious growth plans for our UAE generation business, and these transactions reflect that ambition. Increasing our stake in Taweelah