Taqa to allow foreign ownership of stock

Taqa to allow foreign ownership of stock

10 Nov 2020

Foreign investors can now own up to 49 per cent of stock in the largest listed company in the UAE. Taqa has total power generation assets of 22.7GW and contracted water capacity of 916 million imperial gallons a day (MIGD), including 1.4GW of renewable energy.

Abu Dhabi National Energy Company (Taqa), the largest listed company in the UAE, has announced it will allow foreign ownership of up to 49 per cent of its stock.

Announced on 10 November and effective immediately, foreigners will be able to own half of the energy company’s shares. Prior to this, foreign ownership of stock had been prohibited.

In July, Taqa assumed ownership of the power generation and transmission and distribution assets of ADPower in return for shares. Following the transaction, ADPower holds 98.6 per cent of Taqa, with local investors holding the remaining stock.

Taqa now has total power generation assets of 22.7GW and contracted water capacity of 916 million imperial gallons a day (MIGD). The power generation assets include 1.4GW of renewable energy capacity.

The energy company also has a further 4.4GW and 200MIGD of power and water capacity respectively under development.

Taqa will serve more than 1 million customers across the UAE through 80,000km of electricity transmission lines and 20,000 km of water pipelines. In addition to now owning 12 power and desalination plants and all of Abu Dhabi’s power and water transmission companies, Taqa owns assets in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Kingdom and the United States.



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