Shareholders of the Abu Dhabi National Energy Company (TAQA) have approved Abu Dhabi Power Corporation (ADPower)'s proposal to transfer most of its power generation, transmission and distribution assets to TAQA, in exchange for new shares in TAQA. When the transaction closes in the third quarter of 2020, ADPower will own 98.60% of the entire issued share capital of TAQA. Both TAQA and ADPower are owned by ADQ, one of the largest government-owned holding companies in the region.
The transaction will transform the utilities sector in the UAE, making TAQA one of the largest listed companies on the Abu Dhabi Securities Exchange and creating a regional utilities champion, active in 11 countries in the Middle-East, Europe and Africa. The transferred assets include 4.9 GW of capacity, including three major projects (a new 2.4 GW CCGT power project in Fujairah, a 2 GW solar PV project in Abu Dhabi and a desalination project in Abu Dhabi), around 80,000 km of electricity transmission and distribution network serving over 1,000,000 customers. The combined companies will have a power generation capacity of 22.7 GW, and oil and gas exploration and production activities in Iraq, Europe and North America. Overall, they will have assets worth AED 200bn (US$54bn) and 85% of its revenues would come from regulated and contracted activities.
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