TAQA acquires additional stake in Taweelah B IWPP

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Abu Dhabi - Mubasher:Abu Dhabi National Energy Company (TAQA) acquired additional equity in the Taweelah B Independent Power and Water Plant (Taweelah B IWPP), according to a press release.

TAQA concluded the equity acquisition from BTU Power Company and its liquidators' entire interest in Taweelah B IWPP in Abu Dhabi for $65 million, equivalent to nearly AED 239 million.

The UAE-based company also entered into the operations and maintenance (O&M) of the power project.

Furthermore, the ADX-listed firm acquired another 10% shareholding in Taweelah Asia Power Company (TAPCO), Taweelah B IWPP's owner, which raised TAQA's overall ownership stake in TAPCO to 70%.

Moreover, TAQA held a 25% ownership stake in Asia Gulf Power Service Company Limited, which is the operations and maintenance (O&M) contractor to TAPCO.

The transaction aligns with TAQA's objective to boost its O&M capabilities while becoming a lead developer and operator in the UAE, Ghana, and Morocco.

The Taweelah B IWPP has a gross installed power generation capacity of 2.20 gigawatts (GW) on a daily basis, in addition to 162 million imperial gallons of gross installed water desalination capacity.

Farid Al Awlaqi, TAQA'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."

In the first nine months (9M) of 2022, TAQA generated net profits attributable to the equityholders worth AED 6.51 billion, a leap from AED 4.25 billion in 9M-21.

Source:Mubasher