Abu Dhabi Power Corporation ( ADPower ) has confirmed that it has submitted an offer to Abu Dhabi National Energy Company (TAQA) to transfer the majority of its water and electricity generation, transmission, and distribution assets.
The proposed transaction would create a new regional utility that will accelerate the transformation of the water and electricity industry in the UAE. The new entity would be one of the largest utilities in the GCC. ADPower intends to maintain TAQA’s existing listing, making the combined group one of the largest listed companies on the Abu Dhabi Exchange. This will be the first time that an integrated utilities company is made available on the UAE public market.
The transferred assets have a generation capacity of 4.9GW, operates approximately 80,000km of electricity transmission and distribution network, and serves over a million customers.