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70% Of Stake In Taweelah B IWPP: UAE | |
| Sumita Pawar |
As reported in the media, Abu Dhabi National Energy Company PJSC (TAQA), one of the largest listed integrated utilities in the region, announced that it has entered into the operations and maintenance ("O&M") of the Taweelah B Independent Power and Water Plant (the "Taweelah B IWPP") as well as acquiring an additional stake in the plant.
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As part of a transaction valued at $65 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.
According to the report, 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%.
TAQA also bought a 25% share of Asia Gulf Power Service Company Limited, which is TAPCO's O&M contractor.
As highlighted in the report, the transaction will help support TAQA’s commitment to delivering 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.
"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," he added.
The Taweelah B Independent Power and Water Plant, owned and operated by TAPCO, has 2.2 GW of gross installed power generation capacity and 162 million imperial gallons per day of gross installed desalination capacity.