Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA) will invest an additional AED 40 billion in its UAE regulated asset base to improve its transmission and distribution business.
This announcement is part of the company’s 2030 vision for sustainable and profitable growth, according to a press release on Wednesday.
In line with its 2030 vision, the energy holding company will raise its gross power capacity from 18 GW to 30 GW in the UAE and up to 15 GW internationally.
To achieve this objective, the company will focus on reverse osmosis technologies to make up two-thirds of its water desalination capacity by 2030 with 200 MIGD already under construction.
In addition, the company seeks to make renewable energy, namely solar photovoltaic (PV), comprise over 30% of its power generation portfolio by 2030, up from the current 5%.
As for the oil and gas sector, the company will explore commercially viable opportunities to cut exposure to the hydrocarbon sector.
Commenting on the company’s 2030 vision, the Chairman of Taqa, Mohamed Hassan Al Suwaidi, said: “TAQA has the support of our shareholders for this new strategy and is on its way to become the recognized low carbon power and water champion from Abu Dhabi.”
TAQA’s Group CEO and Managing Director, Jasim Husain Thabet, commented: “We have a strong pipeline of existing projects and are ready to seize further opportunities in a way that benefits our stakeholders - from shareholders to employees and customers.”
