TAQA shareholders approve transaction to accelerate transformation of UAE’s power, water sector

TAQA shareholders approve transaction to accelerate transformation of UAE’s power, water sector

The transaction creates one of the largest utilities companies in the GCC, and a top-10 integrated utilities player in the EMEA region by regulated assets.. The transaction, which is scheduled to close in the third quarter of 2020, creates a regional utilities champion with the financial strength and expertise to accelerate the transformation of the UAE's power and water sector and the capacity to pursue new growth opportunities in international markets.. The energy and power sector remains core to Abu Dhabi's economy, and is still one of its most strategically important and most potent as a generator of revenue and a multiplier of value.. We have complementary domestic and strong international footprints in the UAE, EMEA and the Americas, and this move gives us the financial muscle and expertise to capture new opportunities in the future.. Under the terms of the agreement, ADPower will transfer to TAQA the majority of its water and electricity generation, transmission and distribution assets in exchange for 106,367,950,000 new shares and the land lease agreement between the two companies will be terminated.. Creation of a Major Regional Utilities Company: The transaction consolidates the interests of the Abu Dhabi Government in power and water production assets