Latest news with #ChrisVeal
Yahoo
21-04-2025
- Business
- Yahoo
TAQA acquires Transmission Investment, expands presence in UK offshore electricity transmission sector
The Abu Dhabi National Energy Company (TAQA) has acquired Transmission Investment, a UK-based electricity transmission development and services company, to bolster its presence in the offshore electricity transmission sector. Transmission Investment manages assets worth approximately Dh15bn ($4bn) and has a track record in the UK offshore transmission sector. The acquisition provides TAQA with an established team and the potential to expand into European and global markets. Transmission Investment will become part of TAQA Transmission, TAQA's subsidiary responsible for the development and operation of the company's high-voltage power and bulk water transmission infrastructure. TAQA Transmission CEO Afif Saif Al Yafei said: 'Transmission grids are essential for enabling the global energy transition. IRENA estimates that from 2024 to 2030, around $717bn 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 while contributing to the UK's 2050 Net Zero programme and our wider sustainability ambitions.' Transmission Investment has a 40% success rate in Offshore Electricity Transmission (OFTO) bids. The company, in partnership with Amber Infrastructure and International Public Partnerships (INPP), was recently selected by Ofgem as the preferred bidder for the Moray West OFTO. Transmission Investment is also developing interconnector projects, such as the FAB Link and LirIC, which aim to connect Great Britain with France and Northern Ireland. Transmission Investment founder and managing director Chris Veal will continue to lead TI, ensuring its ongoing performance and growth. Veal said: '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.' Earlier this month, TAQA and the Emirates Water and Electricity Company (EWEC) agreed to develop and implement new energy infrastructure projects, supporting the UAE's National Strategy for AI 2031. "TAQA acquires Transmission Investment, expands presence in UK offshore electricity transmission sector" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Zawya
17-04-2025
- Business
- Zawya
TAQA acquires leading UK electricity transmission development, services company
Abu Dhabi National Energy Company (TAQA) announced today that it has acquired 100 percent of Transmission Investment (TI), a leading UK-based energy and utility investment platform. TI is one of the largest players operating offshore transmission (OFTO) assets connecting offshore wind farms to the UK grid. The strategic acquisition strengthens TAQA'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 of more than 40 full-time employees at TI with cross-sector end-to-end technical and development capabilities. TI becomes part of TAQA Transmission, whose new brand was recently launched, and which is the TAQA Group subsidiary responsible for the development and operation of TAQA's high voltage power and bulk water transmission infrastructure. The acquisition of TI establishes TAQA in the UK electricity transmission sector and allows expansion into European and international markets, leveraging TAQA's leading position. Since its founding in 2009, TI has emerged as one of the UK's largest players in the offshore electricity transmission sector, with approximately AED15 billion (GBP £3 billion) of assets under management in relation to 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 percent success rate on OFTO bids. Last week, Ofgem appointed TI's consortium with Amber and INPP as its preferred bidder for Moray West OFTO. TI is also one of the UK's developers of interconnector projects, including the FAB Link Project and the LirIC Project (both the projects have been granted a cap and floor regime by Ofgem), connecting Great Britain with France and Northern Ireland through new HVDC sub-sea electricity interconnectors with an aggregate capacity of approximately 2GW. Dr. Afif Saif Al Yafei, CEO of TAQA Transmission, said, "Transmission grids are essential for enabling the global energy transition. IRENA estimates that from 2024 to 2030, around US$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 while contributing to the UK's 2050 Net Zero programme and our wider sustainability ambitions." Dr. Chris Veal, Founder and Managing Director of Transmission Investment, said, "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."
Arabian Business
17-04-2025
- Business
- Arabian Business
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.
