Filenews 31 March 2024 - by Pambos Charalambous
It is one of the ten largest utility companies in Europe, the Middle East and Africa and has recently cast nets in Cyprus, as it is interested in participating in the share capital of the Great Sea Interconnector, along with the Independent Power Transmission Operator (ADMIE) of Greece and the Republic of Cyprus.
TAQA, also known as Abu Dhabi National Energy Company, was established to invest in projects around the world and leverage Abu Dhabi's energy resources and know-how to become a global energy player. For Europe, TAQA's entry into Europe's energy market was marked by strategic acquisitions and partnerships, which allowed it to consolidate its presence across the continent.
Interest in Cyprus
On March 20, a TAQA delegation was in Cyprus and had meetings at the Ministry of Energy with Minister George Papanastasiou to accelerate the implementation of the Great Sea Interconnector, in the presence of IPTO's leadership. In the context of its presence in Cyprus, the Group's delegation, led by Gabriele Manduzio, Senior Director of Distribution and Transmission Network Investments, also presented a proposal by the Abu Dhabi state-owned company for the establishment of an investment company with the participation of TAQA and the Republic of Cyprus, in order to promote investments in the fields of renewable energy sources, energy storage, water management and desalination, in Cyprus and neighbouring countries. The representatives of the Cypriot Government discussed with TAQA representatives details of the proposal and reserved the right to come back after studying all the facts.
We remind you that on December 4, 2023, a Memorandum of Understanding (MoU) was signed between the Independent Energy Transmission Operator of Greece (ADMIE), the Ministry of Energy of Cyprus and TAQA. The subject of the MoU is the framework of negotiations between the three parties for the entry of the Cypriot State and TAQA into ADMIE's special purpose subsidiary, Great Sea Interconnector – which is the new operator of the electricity interconnection Greece (Crete)-Cyprus-Israel, with the aim of accelerating the implementation of the Crete-Cyprus leg that shows the highest degree of maturity. The agreement was signed by Energy Minister George Papanastasiou, ADMIE Chairman and CEO Manos Manousakis and TAQA Group CEO Jasim Husain Thabet.
Abu Dhabi Box Office
Through this sovereign wealth fund, Abu Dhabi has the opportunity to strategically invest in energy and utility projects, both at home and abroad. These are investments in power generation, water desalination, renewable energy and other projects critical to economic development.
TAQA was established in 2005 as part of Abu Dhabi's broader strategy to diversify economically, with the goal of creating a globally competitive energy company that would maximize the value of the emirate's energy resources.
The acquisitions
In its early years, it made significant acquisitions in Africa and North America, while in Canada it acquired Northrock Resources for $2 billion, Pioneer Natural Resources Canada Inc for $540 million. and PrimeWest Energy Trust for $5 billion.
Its presence in Europe was consolidated in 2008 when it bought several assets in the North Sea from Shell U.K. and Esso Exploration and Production (UK). The acquisition included all equity, related infrastructure and production licenses related to the Tern, Eider, Cormorant North, South Cormorant, Kestrel and Pelican fields and the related satellite subsea deposits.
A turning point in TAQA's trajectory was its merger with Abu Dhabi Power in 2020, through which it became the third largest publicly traded company in the UAE and one of the ten largest utilities in Europe, the Middle East and Africa.
In Europe
TAQA began operations in Europe by acquiring various gas exploration and production assets from BP Netherlands in 2007, followed by further investments in the UK and Scotland from 2008 to 2011. In Europe, TAQA's operations are based in the UK and the Netherlands and focus on strategic energy infrastructure projects, including gas depots and energy innovations, as well as the full cycle of oil and gas operations, including exploration and production.
Through strategic investments and partnerships, TAQA has built a diversified portfolio of energy assets, covering power generation, oil and gas, and renewables. However, what demonstrates its role in Europe's energy transformation is its commitment to sustainability, which makes it a key player in Europe's energy security and its transition towards cleaner, more sustainable energy sources.
TAQA has a portfolio of energy assets in several European countries, which includes conventional power plants such as gas and coal plants, as well as investments in renewable energy sources such as wind, solar and hydropower.
In particular, amid the global shift towards sustainable energy and decarbonisation, the company is actively investing in renewable energy projects across Europe, expanding its portfolio into wind farms, solar farms and hydropower plants. And the growing demand for renewables highlights new opportunities for further investment in clean energy projects.
Participations in companies
TAQA's investments are mainly focused on companies involved in power generation, water desalination, and oil and gas production and storage. In addition, it has invested in mining, metals and services. TAQA has investments in more than 60 companies.
Its main wholly-owned subsidiaries are: Emirates Power Company, Gulf Power Company, Arabian United Power Company, Al Shuweihat Power Company, Taweelah United Power Company, Union Power Holding Company, TAQA Bratani Limited, TAQA Energy B.V., TAQA North Ltd. and Takoradi International Company.
TAQA has assets in the United Arab Emirates, Ghana, Morocco, Saudi Arabia, India, Oman, USA, Canada, Iraq and the Netherlands.
Targets in the Emirates and hydrogen
TAQA, given that renewables, nuclear, efficient gas technologies and dynamic storage solutions will become primary energy sources, has set a target of renewables accounting for 65% of gross electricity generation capacity by 2030. The group's next strategic focus is hydrogen.
At the same time, it invests €40 million. for grid infrastructure upgrades in the UAE by 2030 and seeks investments internationally, including in smart grid interconnections and technologies to support the energy transition.
