TAQA acquires TI, UK's leading energy and utility investment platform
Abu Dhabi National Energy Company (TAQA) gained 100 per cent control over Transmission Investment (TI), a leading UK-based energy and utility investment platform.
This follows the go-ahead given by the Chancellor of the Duchy of Lancaster, under section 26 of the UK's National Security and Investment Act 2021, on 13 March this year. Financial details of the deal were not disclosed.
TI is one of the largest players operating offshore transmission (OFTO) assets, connecting offshore wind farms to the UK grid. Founded in 2009, TI has approximately AED15 billion ($4.1 billion) of assets under management in its existing portfolio of 11 OFTO assets.
Through its consortium in partnership with Amber Infrastructure and International Public Partnerships (INPP), TI has established a strong track record of bidding for, winning and operating the OFTO assets in the UK, with an approximately 40 per cent success rate on OFTO bids. Just last week, Ofgem appointed TI's consortium as its preferred bidder for Moray West OFTO.
TAQA eyes global growth
The acquisition strengthens the company's position in the offshore electricity transmission sector, reinforcing its commitment to supporting the energy transition and growing in the UK and beyond. The transaction will provide TAQA with a well-established team at TI with cross-sector end-to-end technical and development capabilities.
TI will become part of TAQA Transmission, a TAQA Group subsidiary responsible for the development and operation of the company's high-voltage power and bulk water transmission infrastructure. The move establishes TAQA in the UK electricity transmission sector and allows expansion into European and international markets.
Dr Afif Saif Al Yafei, CEO of TAQA Transmission, commented: 'Transmission grids are essential for enabling the global energy transition. IRENA estimates that from 2024 to 2030, around $717 billion per year must be invested in grid infrastructure and flexibility measures to align with a pathway that is compatible with a 1.5°C scenario.
'That is why we are pleased to announce TAQA Transmission's first international acquisition, strengthening our growing portfolio and reinforcing TAQA's role as a global leader in low-carbon power and water solutions. This deal will allow us to leverage the significant capabilities of TI to support our international growth strategy.'
Dr Chris Veal, Founder and Managing Director of Transmission Investment, added: 'We are pleased that TAQA has acquired Transmission Investment. TAQA's experience, capability and backing will enable TI to continue to grow and play its part in the development of the UK transmission system in support of the energy transition.
'The UK's targets of 50GW of offshore wind by 2030, and net zero by 2050, require a huge expansion of offshore and onshore transmission. TI is ready to contribute to this expansion. As a leader in the delivery of competitive UK transmission, we are committed to doing so cost-effectively for UK consumers, while ensuring safety and acting responsibly towards society and the environment.'
Dr Veal will continue to lead TI following the acquisition.
TAQA Transmission is already expanding its international footprint across the GCC, UK and North Africa by investing in some of the world's most innovative transmission projects. Earlier this year, TAQA Transmission and ADNOC completed laying 1,000 kilometres of cables as part of their $3.8 billion project to power and significantly decarbonise ADNOC's offshore production operations.
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