Abu Dhabi Power Corporation (ADPower), which owns several power and water assets of Abu Dhabi (United Arab Emirates), has submitted an offer to the Abu Dhabi National Energy Company (Taqa) to transfer most of its power generation, transmission and distribution assets to Taqa, 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). The transferred assets include 4.9 GW of capacity, around 80,000 km of electricity transmission and distribution network serving over 1,000,000 customers.
The transaction would transform the utilities sector in the UAE, would make Taqa one of the largest listed companies on the Abu Dhabi Securities Exchange and would create a regional utilities champion, active in the Middle-East, Europe and Africa. The combined companies would have assets worth AED 200bn (US$54bn) and 85% of its revenues would come from regulated and contracted activities. Pending regulatory approvals, the transaction should close in the second half of 2020.
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