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Friday 20-01-2023 09:58 AM
ABU DHABI, 20th January, 2023 (WAM) — Abu Dhabi National Energy Company, TAQA, announced today that it has entered into the operation and maintenance (O&M) of the Taweelah B Independent Hydropower Plant (Taweelah B IWPP) and acquired the plant additional shares.
TAQA has completed the acquisition of BTU’s entire interest in Taweelah BIWPP in the Emirate of Abu Dhabi from BTU Power Company and its liquidators as part of a deal valued at US$65 million (approximately AED 239 million).
In particular, TAQA acquired an additional 10% stake in Taweelah Asia Power Company (TAPCO), the owner of Taweelah B IWPP, thereby increasing TAQA’s overall stake in TAPCO to 70%. Additionally, TAQA acquired a 25% stake in Asia Gulf Power Service Company Limited (TAPCO’s O&M contractor).
The transaction will help support TAQA’s strategic commitment to delivering additional growth, enhancing its O&M capabilities and becoming a leading developer and operator in the region, including the UAE, Ghana and Morocco.
Farid Al Awlaqi, Executive Director, Power Generation, TAQA Group, commented: “TAQA has ambitious growth plans for our UAE power generation business and these transactions reflect that ambition. Increasing our stake in Taweelah B as well as improving our O&M capabilities demonstrate our Tangible progress has been made in pursuing our strategic ambition to strengthen our position as an integrated low-carbon power and water champion, thereby creating shareholder and stakeholder value.”
The Taweelah B independent power plant and water plant, owned and operated by TAPCO, has 2.2 GW of total installed power generation capacity and 162 million imperial gallons per day of total installed desalination capacity.
Ahlam Almazrooi / Rola AlGhoul
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