Abu Dhabi's Taqa raises stake in Taweelah B Independent Power and Water Plant in Dh239 million deal

Dubai: The Abu Dhabi utility company Taqa has raised its stake in Taweelah B Independent Power and Water Plant in a Dh239 million deal, apart from entering a contract for its maintenance and operations.

Taqa's stake acquisition came after BTU Power Company and its liquidators sold the latter's entire interest in Taweelah B IWPP, which is located in Abu Dhabi. In particular, Taqa acquired an additional 10 per cent in the owner of the Taweelah B IWPP - Taweelah Asia Power Company.

This raises TAQA's overall ownership stake in Tapco to 70 per cent. "Taqa has ambitious growth plans for our UAE generation business and these transactions reflect that ambition," said Farid Al Awlaqi, Taqa Group's Executive Director of Generation.

"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 2.2GW of installed power generation capacity and with 162 million imperial gallons per day of gross installed water desalination capacity.

Another deal

In addition, Taqa acquired 25 per cent in Asia Gulf Power Service Company ltd, which is the O&M contractor to TAPCO.

"The transaction will help support TAQA's commitment to deliver on 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," the company said in a statement.

This week, Taqa also announced the creation of a JV - E2Go - with ADNOC Distribution to build EV charging network in Abu Dhabi and then spread it out elsewhere in the UAE.

More to follow...