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TAQA completes transaction to create one of the largest utility companies in EMEA

Christian Fernsby ▼ | July 1, 2020
Abu Dhabi National Energy Company, TAQA, on Wednesday announced the successful completion of its transaction with Abu Dhabi Power Corporation, ADPower, creating one of the largest utility companies in the Europe, the Middle East and Africa, EMEA, region.
Abu Dhabi National Energy Company
ADPower   Abu Dhabi National Energy Company
The transaction – which was first proposed by ADPower to the TAQA Board of Directors in February 2020 and received TAQA shareholder approval in April 2020 – saw ADPower transfer the majority of its power and water generation, transmission and distribution assets to TAQA in exchange for 106,367,950,000 new shares.

Topics: TAQA utility

With the completion of the transaction, TAQA, which is listed on the Abu Dhabi Securities Exchange, is now the UAE’s third-largest publicly traded company by market capitalisation and among the top-ten integrated utility companies in EMEA by regulated assets.

TAQA currently has 23 GW of power generation capacity globally and 916 MIGD of water desalination capacity, of which 1.4 GW are from renewable sources. TAQA also has a further 4.4 GW and 200 MIGD under development, including 2 GW from renewable sources. Across the UAE, its assets now include 12 power and water generation plants in operation.

TAQA now also owns all of Abu Dhabi’s power and water transmission and distribution companies in addition to its existing international assets in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Kingdom and the United States.

As a result of the transaction, ADPower will own 98.60 percent of the entire issued share capital of TAQA. It is TAQA’s intention to seek an increase to the free float through a follow on public offering.


 

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