Latest news with #HassanAlsuwaidi
Al Etihad
2 days ago
- Business
- Al Etihad
TAQA reports Dh3.7 billion net income in H1 2025
14 Aug 2025 10:48 ABU DHABI (WAM)Abu Dhabi National Energy Company PJSC (TAQA) on Thursday announced its financial results for the first half of 2025. The group delivered a 4.5 per cent year-on-year increase in revenue for H1 2025, reaching Dh28.4 billion. This growth was led by higher pass-through costs in the Transmission & Distribution (T&D) reached Dh10.2 billion, while net income stood at Dh3.7 billion. Underlying profitability in TAQA's core utilities businesses remained Hassan Alsuwaidi, Minister of Investment and Chairman of TAQA, said, 'TAQA continues to deliver across its core businesses and new growth markets, reflecting the strength of its long-term strategy."He added that during the first half of the year, the group advanced its position as a critical enabler of infrastructure development, within the UAE and stated, "As the business evolves, our focus remains on disciplined execution and creating lasting value for shareholders, while supporting the broader energy transition and economic diversification goals of the UAE and the markets we operate in.'Jasim Husain Thabet, TAQA's Group Chief Executive Officer and Managing Director, said, 'TAQA's performance in the first half of 2025 reflects the strength of our integrated utility model and ability to consistently deliver value in dynamic market conditions. Despite headwinds, we continued to make tangible progress on priority projects across generation, water and transmission, increasing system flexibility and expanding our global portfolio.'The group reduced its gross debt position to Dh61.7 billion, enabled by scheduled repayments and the maturity of a corporate bond. At the same time, TAQA accelerated investment in future capacity, with Dh5.2 billion in capital expenditure directed toward flexible generation, transmission upgrades and strategic desalination ahead, TAQA remains focused on advancing its strategic priorities, expanding low-carbon power and water solutions, strengthening grid infrastructure, and enabling energy transition across its markets. The group continues to support national decarbonisation goals while delivering reliable returns to shareholders through disciplined execution and long-term investment.
Al Etihad
19-03-2025
- Business
- Al Etihad
ADQ, Energy Capital Partners to launch $25bn investment partnership in US to expand power generation for energy-intensive industries
19 Mar 2025 21:02 ABU DHABI (ALETIHAD)ADQ, an Abu Dhabi-based investment and holding company, and Energy Capital Partners (ECP), the largest private owner of power generation and renewables in the United States, have entered into an agreement to establish a 50-50 partnership in new build power generation and energy ADQ's expertise in infrastructure investment with ECP's premier energy investment platform in electrification and power and renewable generation, the partnership aims to service the growing power needs of data centres, hyperscale cloud companies, and other energy-intensive industries. As the continuity and quality of power supply are crucial for these high-growth industries, the need for captive power plants in proximity is often a pre-requisite. The partnership is focused on meeting these needs over the long term, with its mandate including greenfield development, new build, and expansion opportunity projects that will establish it as a leader in power generation for a growing American partnership's primary geographic focus will be the US. A portion of the capital may also be allocated toward opportunities in selected international markets. The partners plan to make total capital investments of over $25 billion across 25 GW worth of projects. The combined initial capital contribution from the partners is expected to amount to $5 by a highly experienced management team with strong expertise in power and infrastructure development and operations, the joint venture will begin pursuing development opportunities immediately. Specialised teams in development and operations will ensure rapid origination and efficient commissioning of relevant to a recent report by the International Energy Agency (IEA), the world's electricity consumption is forecast to rise at its fastest pace in coming years, driven in part by the growing need for data centres and industrial electrification. In the US, growing electricity demand is expected to add the equivalent of California's current power consumption to the national total over the next three is anticipated that global power demand from data centres will increase by 50 per cent by 2027 and by as much as 165 per cent by the end of the decade, driven by the expansion of AI and high-density data centres. The US Department of Energy estimates that data centre load growth has tripled over the past decade and is projected to double or triple by Hassan Alsuwaidi, Managing Director and Group Chief Executive Officer of ADQ, said: 'The acceleration of AI and its societal adoption presents attractive opportunities to serve the power and infrastructure needs of data centres and hyperscalers. Meeting these power needs presents evolving challenges for governments worldwide in ensuring a secure, stable, and commercially competitive electricity supply. As an active investor with a sharp focus on critical infrastructure and a proven capability in building long-term partnerships, we are in a prime position to help address these shifting structural dynamics. Our partnership with ECP allows us to invest meaningfully in generation and related infrastructure assets that support accelerating power demand, promoting the progress of these industries and helping to future-proof economies.' For his part, Doug Kimmelman, ECP's Founder and Executive Chairman, said: 'AI will be a major driver of US economic and job growth over the coming decade, but not unless ample new electricity supplies are developed. We are honoured to build an investing partnership with ADQ to provide the electricity resources demanded by the rapidly growing AI data centre sector, where the build-out of new power generation resources or 'additionality' in the US will require significant, patient capital with a long-term horizon. Given the tightening supply/demand dynamics in US power markets, new generation capacity will be needed and our focus in this partnership will therefore primarily be on newly built natural gas-fired power generation assets in scale to meet the needs of hyperscalers on a timely basis." Source: Aletihad - Abu Dhabi
