[ad_1]
1. Introduction
1.1 TAQA Business Overview Company History and Background
Abu Dhabi National Energy Company PJSC (“TAQA”, the “Group” or the “Company”) is a fully diversified utilities and energy group. Listed on the Abu Dhabi Securities Exchange (“ADX”, stock code: TAQA)1, TAQA supplies virtually all of the critical power and water infrastructure in the Emirate of Abu Dhabi. The company has strategic government support, scale and leadership in key markets. Abu Dhabi Power Company (“ADPower”)2 is TAQA’s majority shareholder, holding 90% of its share capital.
TAQA was established in 2005 on the Abu Dhabi Securities Exchange (ADX) as a public company. Following the transaction with ADPower in 2020, ADPower contributed its significant power and hydro transmission and distribution assets to TAQA, complementing the existing global power and power portfolio hydropower assets and oil and gas businesses. The transaction transforms TAQA into a fully integrated utility with businesses and assets involved in the production of electricity and water, transmission and distribution, and upstream and midstream oil and gas.
In 2022, TAQA completes the acquisition of a stake in Abu Dhabi Future Energy Company (“Masdar”) from Mubadala Investment Company (“Mubadala”), including a 43% controlling interest in Masdar’s renewable energy business Right and Masdar New Green Energy 24% effective equity hydrogen joint venture. The transaction effectively strengthens TAQA’s leadership in low-carbon electricity and water by significantly increasing renewable energy capacity.
The firm’s portfolio spans 11 countries, including Canada, Ghana, India, Iraq, Morocco, Oman, Netherlands, Saudi Arabia, United Arab Emirates, United Kingdom and United States. Together with Masdar, our product portfolio spans 20 countries.
TAQA is currently ranked in the top five integrated utilities in the EMEA region3 and aims to become Abu Dhabi’s low carbon power and water champion – a fully integrated utility with the scale, financial capability and expertise to operate in Leading the transition to clean energy and water in Abu Dhabi and beyond.
TAQA was incorporated in June 2005 as a public joint stock company under the laws of the UAE under the provisions of the Emiri Decree 2005 (16). In August 2005, TAQA’s shares were listed on the Abu Dhabi Securities Exchange (ADX). TAQA’s registered headquarters is located on the 25th floor of Al Maqam Tower, Abu Dhabi Global Market Square, PO Box 55224, Abu Dhabi, United Arab Emirates.
ADPower is a wholly-owned subsidiary of Abu Dhabi Development Holdings (“ADQ”), one of the largest holding companies in the region, which in turn is wholly owned by the Government of Abu Dhabi.
TAQA is a top five integrated utility company by market capitalization and a top ten company by regulated asset value (RAV) in EMEA – data as of February 2022.
[ad_2]
Source link
