In early February 2020, the Board of Abu Dhabi Power Corporation PJSC (‘ADPower’) submitted an offer to the the Board of Abu Dhabi National Energy Company PJSC (TAQA). The offer set out the principal terms and conditions on which ADPower would transfer the majority of its water and electricity generation, transmission and distribution assets to TAQA in exchange for new shares and the termination of the land lease agreement between the respective companies.
The offer was driven by national and industry objectives, specifically the opportunity to create a regional champion in power and water production, which would also become one of the largest integrated utility companies in the Europe, Middle East and Africa region. In pooling Abu Dhabi’s considerable resources in the power and water sector to pursue profitable growth, the transaction is aligned to the wider ambitions of the UAE.
At TAQA’s Annual General Assembly in April 2020, shareholders voted to approve the transfer of the majority of ADPower’s water and electricity generation, transmission and distribution assets to TAQA, which is owned by ADQ, one of the region’s largest holding companies.
For more information, please see TAQA announces receipt of offer from ADPower and TAQA Shareholders Approve Transaction to Accelerate Transformation of the UAE’s Power and Water Sector.