Taqa’s to invest Dh40b; eyes major boost in power capacity by 2030
Group aims to become a champion for low carbon power and water.
Abu Dhabi National Energy Company, Taqa, unveiled on Wednesday a 10-year strategy that involves an additional investment of Dh40 billion as well as a substantial boost to gross power and water desalination capacity.
Taqa said the 2030 Vision for sustainable and profitable growth places at its core the global acceleration of the energy transition, and the group’s ambition to become a champion for low carbon power and water.
In line with the strategy, Taqa will Increase gross power capacity from 18 GW to 30 GW in the UAE, and add up to 15 GW internationally.
In a statement, the Abu Dhabi-based energy giant said it would expand highly efficient reverse osmosis technologies to makeup two-thirds of its desalination capacity by 2030 with 200 MIGD already under construction.
The group will focus on renewable energy – particularly solar photovoltaic (PV) – to comprise more than 30 per cent of the power generation portfolio by 2030, up from the current 5.0 per cent.
By 2023, Taqa “will execute substantial UAE-based infrastructure and networks growth projects and invest an additional Dh40 billion to grow its UAE regulated asset base.”
Growth is expected through meeting increased power, water and network capacity needed in its home market of the UAE, as well as from selective opportunities internationally, said the statement.
Mohamed Hassan Al Suwaidi, chairman of Taqa, said the energy group has the support of its shareholders for this new strategy and is on its way to become the recognized low carbon power and water champion from Abu Dhabi, and this strategy sets out how the company will achieve this ambition.
“As we emerge from the pandemic, around the world there will be an increasing focus on the need for clean, reliable and sustainable sources of power and water. Taqa is uniquely positioned to use its platform to play a key part in meeting Abu Dhabi’s own ambitions in this space,” said Al Suwaidi.
Jasim Husain Thabet, Taqa’s group CEO and managing director, said the group seeks to become a champion for low carbon power and water.
“This strategy sets out how we are going to deliver on this promise and our vision for the future. We will build on our strengths and use the unique position we have in Abu Dhabi as a platform for growth in the UAE and internationally. We will expand our portfolio of renewables and highly efficient water desalination, drive efficiency in our networks and distribution business and invest in growing the UAE Regulated Asset Base,” said Thabet.
He said Taqa being one of the largest integrated utilities in the region is well placed to be at the heart of meeting the accelerating demand for low carbon power and water. “We have a strong pipeline of existing projects and are ready to seize further opportunities in a way that benefits our stakeholders - from shareholders to employees and customers.”
The energy group said its new strategy builds upon its identity post the Taqa and Abu Dhabi Power Corporation (ADPower) transaction, in July 2020, to focus on being a regionally leading fully integrated utility. “As part of the plan, Taqa will drive efficiency from its existing assets while strengthening its development, operations and digital competencies.” email@example.com
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