TAQA acquires additional stake in Taweelah power and water plant

Abu Dhabi National Energy Company (TAQA) on Friday announced acquiring an additional stake in Taweelah B Independent Power and Water Plant (Taweelah B IWPP).

TAQA said it also entered into an agreement for the operations and maintenance (O&M) of the Taweelah plant.

The stake acquisition is estimated to cost $65 million (approx. AED239 million).

TAQA said it has completed the acquisition from BTU Power Company and its liquidators of BTU's entire interest in the Taweelah B IWPP in the emirate of Abu Dhabi.

TAQA acquired an additional 10 percent ownership in the promoter company of Taweelah B IWPP - Taweelah Asia Power Company (TAPCO), thereby increasing TAQA's overall ownership stake in TAPCO to 70 percent.

The Abu Dhabi energy major also acquired a 25 percent ownership in Asia Gulf Power Service Company Limited - the O&M contractor to TAPCO.

Farid Al Awlaqi, TAQA Group's Executive Director of Generation, said: "Increasing our stake in Taweelah B as well as growing our O&M capabilities demonstrates tangible progress in the pursuit of our strategic ambitions to strengthen our position as an integrated low-carbon power and water champion that is creating both shareholder and stakeholder value."

The Taweelah B Independent Power and Water Plant, owned and operated by TAPCO, has 2.2 GW of gross installed power generation capacity with 162 million imperial gallons per day of gross installed water desalination capacity.

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