Abu Dhabi National Energy Company TAQA announced today, Friday, that it has acquired a stake in the company responsible for the operation and maintenance of the Al Taweelah B station, in addition to acquiring an additional stake in the station itself.
In a company statement, TAQA has completed the acquisition of all shares in BTU Energy at Al Taweelah B Station from those responsible for the company’s liquidation, as part of the acquisition, which was worth approximately $65 million, the company said in a statement. . . .
According to the announcement, the deal included TAQA’s acquisition of an additional 10% stake in Al Taweelah Asia Energy Company (TAPCO), which owns the Al Taweelah B station, raising TAQA’s total stake in TAPCO to 70%.
In addition, TAQA acquired a 25% stake in Asia Gulf Power Services Limited, TAPCO’s operation and maintenance company.
“The company has ambitious plans to grow its power generation and desalination business in the UAE,” said Farid Al Awlaki, executive director of the power generation and desalination business at TAQA, noting that the new acquisition is a step to achieve this goal.”
Notably, Al Taweelah B has a total power generation capacity of 2.2 gigawatts and a total desalination capacity of 162 million gallons per day.
