Latest news with #Mirfa2ReverseOsmosis
Zawya
10-03-2025
- Business
- Zawya
Sustainability and new growth fuels TAQA'S steady growth
Abu Dhabi National Energy Company PJSC, or TAQA, is an integrated utilities firm headquartered in the UAE capital and with operations across 25 countries covering Europe, the Middle East, and Africa. TAQA has invested in power and water generation, water treatment and reuse, transmission and distribution assets, in addition to upstream and midstream oil and gas operations. Its assets are in the UAE, Canada, Ghana, India, Morocco, Oman, the Netherlands, Saudi Arabia, the United Kingdom, and the United States. It also holds exclusive rights to transmission and distribution (T&D) ventures in Abu Dhabi, maintaining a minimum 40% stake in all Emirates Water and Electricity Company (EWEC) generation projects until 2030. Click here to download infographic Strategic Growth Drivers TAQA has revised its growth targets following the successful integration of Abu Dhabi-based Masdar's renewable energy business. In 2022, TAQA oversaw Masdar's renewable business with a 43% shareholding, with Mubadala retaining 33%, and ADNOC holding 24%. Masdar operates in more than 40 countries and has developed and invested in projects with a combined value of over USD 20 billion. The partnership sets out to position Masdar as a global clean energy powerhouse, consolidating the renewable energy and green hydrogen efforts of TAQA, Mubadala, and ADNOC under a refreshed single Masdar brand. TAQA paid USD 1.02 billion in cash for its stake. To expand its overall operations, TAQA has outlined plans to deploy AED 75 billion in capital expenditure and investments by 2030 to achieve its announced targets. This includes expanding power and water capacity, as well as the previously committed AED 40 billion allocated for regulated T&D assets between 2021 and 2030. More than 80% of this total investment will be directed toward energy transition activities, with AED 50 billion qualifying for sustainable finance under the European Union (EU) taxonomy. TAQA continues to expand its T&D business beyond the UAE through both organic growth and acquisitions. In addition, the company is establishing new growth targets for water generation capacity, aiming for two-thirds of its total water generation to rely on highly efficient reverse osmosis (RO) technology by 2030. In its oil and gas operations, TAQA is sustaining production capacity in Canada while gradually decommissioning certain assets in the North Sea. The company also upholds its commitment to maintaining a standalone investment-grade credit rating. TAQA's strategic acquisitions, focus on renewable energy, and robust fiscal management have allowed it to build value for its stakeholders. Investment Analysis As one of the largest publicly listed integrated utility companies in the Middle East, TAQA boasts total assets of AED 217 billion. It has increased capital expenditure by 63.8% to AED 9.2 billion with visible construction progress in key projects such as the Mirfa 2 Reverse Osmosis and the Shuweihat 4 Reverse Osmosis. The company also got a creditworthiness boost when Fitch Ratings upgraded its long-term default rating and senior unsecured rating to AA from AA-, with a stable outlook in 2024. The ratings agency cited strong government support and the company's 'pivotal role in developing highly strategic projects,' as key reasons for the upgrade. The utility company has also been bolstered by a long-standing and transparent regulatory framework governing its T&D business in Abu Dhabi. Additionally, it is fully aligned with the capital's 2030 Economic Vision, while also supporting the UAE's Net Zero by 2050 initiative by actively contributing to the goal of increasing the country's clean energy generation to 50% by 2050. Share Growth Potential TAQA's share has surged 353% over the past five years. The company scores a 4 on its fundamentals, suggesting a neutral outlook, and a rating similar to the wider multiline utilities group tracked by LSEG Data and Analytics. The firm disbursed a fixed dividend per share worth 3.95 fils in 2023. TAQA's board of directors approved an interim dividend per share worth 2.1 fils for the first nine months of 2024. Final and variable dividends remain subject to approval. Relative Valuation TAQA currently has a risk rating of 2, which is significantly below the FTSE ADX General Index average rating of 5. It currently has a Relative Valuation Rating of 1, below the FTSE ADX General Index average rating of 5.9. TAQA's trailing price-earnings (P/E) ratio is significantly above its five-year average. TAQA's price to sales ratio of 6.3 represents a 12.5% premium to its five-year average of 5.6. Based on trailing P/E, TAQA represents a 33.8% premium to its five-year average of 36.6. Fiscal position TAQA maintains a solid fiscal stance, evidenced by its financial metrics in FY 2024. The company's earnings before interest, taxation, depreciation, and amortisation (EBITDA) reached AED 21.4 billion, up by 5.9% compared to the previous year, excluding the AED 10.8 billion acquisition stake in ADNOC Gas. Capital expenditure surged by 63.8% to AED 9.15 billion. Return on equity TAQA has shown stable return on equity of 7.8% and is poised to benefit from the UAE's focus on expanding a low-carbon energy sector, as well as the global trend of investing heavily in energy transition assets.
Mid East Info
14-02-2025
- Business
- Mid East Info
TAQA Group Reports Full Year 2024 Net Income of AED 7.1 Billion and Revenue of AED 55.2 Billion for FY2024 - Middle East Business News and Information
TAQA's distribution businesses merged under a single entity, TAQA Distribution, to enhance customer experience and operational excellence TAQA strengthens utilities leadership with new brand identity and continued international expansion AED 9.2 billion Capex invested in 2024, with particular focus on the UAE utilities business Board proposes final cash dividend for 2024 of 2.1 fils/share, bringing the full year dividend to 4.2 fils/share Abu Dhabi, UAE – February 2025: Abu Dhabi National Energy Company PJSC (TAQA), one of the largest listed integrated utilities in Europe, the Middle East, and Africa, has reported its earnings for the period ending 31 December 2024. The Group's financial performance was underpinned by robust operations across its utilities business, bolstered by the contributions from TAQA Water Solutions (formerly SWS Holding). Financial Highlights: Group revenues increased 6.7% year-on-year to AED 55.2 billion, driven by sustained growth in Transmission & Distribution (T&D) and the consolidation of TAQA Water Solutions (TAQA WS). EBITDA was AED 21.4 billion, up 5.9% compared to the prior year, excluding the AED 10.8 billion related to the acquisition of a 5% stake in ADNOC Gas. Including this one-off item, EBITDA saw a decrease of 31% year-on-year. Net income was AED 7.1 billion, up 1.5% compared to the prior year, excluding one-off items (AED 10.8 billion) related to the acquisition of a 5% stake in ADNOC Gas and an AED 1.1 billion deferred tax charge due to the introduction of UAE corporate tax. Including these one-off items, net income recorded a AED 9.6 billion year-on-year decline. Capital expenditure increased by 63.8% to AED 9.2 billion, primarily driven by construction progress in the Mirfa 2 Reverse Osmosis (M2 RO) and Shuweihat 4 Reverse Osmosis (S4 RO) desalination projects, timing and phasing of project execution within T&D and the inclusion of TAQA WS. Free cash flow generation amounted to AED 2.6 billion, down from AED 13.9 billion in 2023, reflecting increased investments in Masdar, capital investment across Generation, T&D and Water Solutions and the acceleration of decommissioning activities within oil and gas. Gross debt was AED 64.1 billion, up from AED 61.7 billion at the end of 2023, primarily due to the issuance of an aggregate AED 6.4 billion in 7-year and 12-year dual-tranche corporate bonds, consolidation of AED 1.5 billion in project debt from the acquisition of SWS Holding and AED 1.4 billion for the construction of the M2 RO and S4 RO desalination projects, offset by the repayment of AED 3.5 billion in matured corporate bonds, AED 2.9 billion in scheduled loan repayments and AED 0.5 billion of other minor movements. Operational Highlights: Transmission network availability for power and water reached 98.7%, marginally higher from 98.4% in 2023. Generation global commercial availability marginally improved to 98.0% from 97.9% in the previous year. Water Solutions asset availability stood at 95.3%, reflecting strong operational performance. Oil & Gas production decreased 5.9% year-on-year to 101.4 mboe/d. This fall is mainly due to the natural decline in production and decommissioning activity, primarily as a result of the cessation of production of four UK assets as the Company transitions its focus towards safe and efficient decommissioning. Strategic Highlights: Distribution businesses Abu Dhabi Distribution Company (ADDC) and Al Ain Distribution Company (AADC) have been merged under single entity with a new brand, TAQA Distribution. The merger is expected to improve customer experience and strengthen internal capabilities by enhancing scale and unlocking further opportunities for operational excellence and growth. TAQA launched a new brand identity for its group of companies. This move marks a milestone in the transformation and growth of the Company and underpins its strategy to grow through delivering integrated power and water services in the UAE and internationally. TAQA continues to expand its portfolio (including Masdar) domestically and internationally: UAE: The Taweelah Reverse Osmosis (RO) Independent Water Plant achieved full commercial operation in Q1. With a capacity of 200 MIGD, Taweelah RO is one of the world's largest RO desalination plants. Saudi Arabia: This is a key international target market for TAQA and significant progress was made on a number of projects in the Kingdom in 2024, as below: Financial close was achieved for Juranah Independent Strategic Water Reservoir Project, a strategic water infrastructure project aimed at addressing emergency municipal water demand across the Kingdom, specifically in the Makkah region during the Hajj season. The project is being developed by TAQA in conjunction with partners Vision Invest and GIC Consortium. Financial close was achieved for Najim Cogeneration Company, a new industrial steam and electricity cogeneration plant that will supply up to 475 MW of electricity and approximately 452 tonnes per hour (tph) of steam to a petrochemical complex located in Jubail in the Eastern Province of the Kingdom. TAQA will own 51% of the plant, with JERA owning the remaining 49%. Two 25-year Power Purchase Agreements (PPAs) were signed by a consortium of TAQA, JERA and Al Bawani, with Saudi Power Procurement Company (SPPC) to develop two new greenfield power projects, one each in Rumah and Al Nairyah, with a combined capacity of 3.6 GW. The two new plants will be developed as highly efficient combined cycle gas power plants, by respective special purpose entities owned by TAQA (49%), JERA (31%) and Al Bawani (20%) with operation and maintenance (O&M) of the plants to be undertaken through respective O&M special purpose entities having the same shareholding structure. North America: Masdar acquired a 50% stake in Terra-Gen Power Holdings II, significantly expanding its presence in the US renewables market. Terra-Gen's gross operating portfolio at the time of acquisition comprised 3.8 GW of wind, solar and battery storage projects, including 5.1 GWh of energy storage facilities across 30 renewable energy sites throughout the US. Europe: Masdar also completed three key acquisitions in Europe, expanding its footprint in the continent: Masdar completed the acquisition of Saeta Yield ('Saeta') from Brookfield Renewable. Saeta is an established renewables platform with an operating portfolio of 745 MW of predominantly wind assets (at the time of acquisition), and a 1.6 GW development pipeline in Spain and Portugal. Masdar and Endesa S.A. finalised a partnership agreement to advance renewable energy initiatives in Europe. Under this agreement, Masdar has acquired a 49.99 percent stake in EGPE Solar, a subsidiary of Enel Group's Endesa. EGPE, at the time of acquisition, owned a 2 GW portfolio of operational photovoltaic (PV) assets in Spain. Masdar also enhanced its renewable energy portfolio in Greece and the EU, through acquisition of Terna Energy, which had an operating capacity of 1.2 GW at the time of acquisition and targeting 6 GW of operational renewable capacity by 2029. Adding water sector capabilities: 2024 witnessed the completion of 100% acquisition of SWS Holding by TAQA. Rebranded to TAQA Water Solutions, it is the sole entity responsible for wastewater collection and treatment as well as production of recycled water in the Emirate of Abu Dhabi. This acquisition expands TAQA's capabilities in managing water and complements its existing portfolio, while adding significant value to the Company's asset base (regulated asset value of around AED 17.5 billion, with a network of approximately 13,000 km of sewer pipelines and water treatment capacity of approximately 1.3 million cubic meters). Oil & Gas: Key developments during 2024 in the Oil & Gas business include: The sale of TAQA's stake in the Atrush oil field in the Kurdish Region of Iraq. TAQA is also making significant progress in the UK, transitioning its focus towards safe and efficient decommissioning. Cessation of production at its North Cormorant, Cormorant Alpha, Eider and Tern platforms means that during 2024 the company has ended production in the Northern North Sea Onshore gas production in the Netherlands was ceased, 50 years after the start of production in the Dutch Alkmaar region. Strong access to capital markets: Fitch Ratings upgraded TAQA's rating to 'AA', up from 'AA-', demonstrating its strong balance sheet. TAQA issued USD 1.75 billion (~AED 6.4 billion) in dual-tranche bonds (7-year and 12-year notes) in October. The USD 850 million (~AED 3.1 billion) 12-year notes represent TAQA's second green bond issuance, the net proceeds of which are being used to finance, refinance and invest in relevant eligible green projects, as outlined in the Company's Green Finance Framework. Continued recognition of ESG initiatives: TAQA's commitment to sustainability continues to be recognised by the broader market, with MSCI upgrading the Company's ESG rating to 'A', up from 'BBB'. H.E. Mohamed Hassan Alsuwaidi, TAQA's Chairman, commented: '2024 was a pivotal year for TAQA as it further strengthened its position as a global leader in low-carbon power and water both in the UAE and abroad. TAQA's strong financial results for the year as well as the credit rating of AA by Fitch, which highlights the resilience of its balance sheet, are testimony to this. Throughout 2024, TAQA continued its growth, marked by key milestones such as the successful closing of the TAQA Water Solutions acquisition as well as strategic investments in international power generation projects. The robust performance across TAQA's businesses demonstrates its commitment to driving long-term value for its shareholders while positively contributing to the economic progress and environmental goals of the communities it serves.' Jasim Husain Thabet, Group CEO and Managing Director of TAQA said: 'TAQA's strong financial performance in 2024 was driven by robust results across our businesses. The year was a milestone for TAQA, highlighted by the merger of Abu Dhabi Distribution Company and Al Ain Distribution Company under the new TAQA Distribution brand, alongside the rebranding of our other operating entities in the UAE. This streamlining of our operations strengthens our customer service offering across the Emirate of Abu Dhabi, setting the stage for future growth. On the water side, we also expanded our capabilities in water treatment and reuse through the integration of TAQA Water Solutions, adding AED 17.5 billion to our regulated asset value. He added: 'Internationally, we made notable progress, particularly in the Kingdom of Saudi Arabia where we reached financial close for two of our projects, the Juranah Strategic Water Reservoir in Makkah region and the Najim Cogeneration Plant in Jubail, and signed project agreements with our partners to develop two high-efficiency gas power plants, one each in Rumah and Nairyah, with a combined capacity of 3.6 GW, further strengthening our presence in the Kingdom. Through Masdar, we took significant steps toward achieving our 2030 target of 100 GW of global renewable capacity, with several key acquisitions, including Terra-Gen in the US, Terna Energy and Saeta in Europe as well as a significant share in Endesa's renewables portfolio in Spain. To finance our growth, TAQA issued USD 1.75 billion in dual-tranche bonds, demonstrating strong market confidence in our business. On the ratings front, beyond the improvement of our credit rating, MSCI upgraded our ESG rating to A, reinforcing our commitment to sustainable growth. As we look ahead, TAQA remains focused on delivering its 2030 strategy by investing in critical infrastructure, driving innovation, and expanding internationally. I am proud of our achievements in 2024, and I am confident in our ability to deliver reliable and sustainable energy and water solutions while creating long-term value for all our stakeholders.'
Zawya
13-02-2025
- Business
- Zawya
TAQA Group reports full year 2024 net income of AED 7.1 bln and revenue of AED 55.2bln for FY2024
TAQA strengthens utilities leadership with new brand identity and continued international expansion AED 9.2 billion Capex invested in 2024, with particular focus on the UAE utilities business Board proposes final cash dividend for 2024 of 2.1 fils/share, bringing the full year dividend to 4.2 fils/share Abu Dhabi, UAE: Abu Dhabi National Energy Company PJSC (TAQA), one of the largest listed integrated utilities in Europe, the Middle East, and Africa, has reported its earnings for the period ending 31 December 2024. The Group's financial performance was underpinned by robust operations across its utilities business, bolstered by the contributions from TAQA Water Solutions (formerly SWS Holding). Financial Highlights Group revenues increased 6.7% year-on-year to AED 55.2 billion, driven by sustained growth in Transmission & Distribution (T&D) and the consolidation of TAQA Water Solutions (TAQA WS). EBITDA was AED 21.4 billion, up 5.9% compared to the prior year, excluding the AED 10.8 billion related to the acquisition of a 5% stake in ADNOC Gas. Including this one-off item, EBITDA saw a decrease of 31% year-on-year. Net income was AED 7.1 billion, up 1.5% compared to the prior year, excluding one-off items (AED 10.8 billion) related to the acquisition of a 5% stake in ADNOC Gas and an AED 1.1 billion deferred tax charge due to the introduction of UAE corporate tax. Including these one-off items, net income recorded a AED 9.6 billion year-on-year decline. Capital expenditure increased by 63.8% to AED 9.2 billion, primarily driven by construction progress in the Mirfa 2 Reverse Osmosis (M2 RO) and Shuweihat 4 Reverse Osmosis (S4 RO) desalination projects, timing and phasing of project execution within T&D and the inclusion of TAQA WS. Free cash flow generation amounted to AED 2.6 billion, down from AED 13.9 billion in 2023, reflecting increased investments in Masdar, capital investment across Generation, T&D and Water Solutions and the acceleration of decommissioning activities within oil and gas. Gross debt was AED 64.1 billion, up from AED 61.7 billion at the end of 2023, primarily due to the issuance of an aggregate AED 6.4 billion in 7-year and 12-year dual-tranche corporate bonds, consolidation of AED 1.5 billion in project debt from the acquisition of SWS Holding and AED 1.4 billion for the construction of the M2 RO and S4 RO desalination projects, offset by the repayment of AED 3.5 billion in matured corporate bonds, AED 2.9 billion in scheduled loan repayments and AED 0.5 billion of other minor movements. Operational Highlights Transmission network availability for power and water reached 98.7%, marginally higher from 98.4% in 2023. Generation global commercial availability marginally improved to 98.0% from 97.9% in the previous year. Water Solutions asset availability stood at 95.3%, reflecting strong operational performance. Oil & Gas production decreased 5.9% year-on-year to 101.4 mboe/d. This fall is mainly due to the natural decline in production and decommissioning activity, primarily as a result of the cessation of production of four UK assets as the Company transitions its focus towards safe and efficient decommissioning. Strategic Highlights Distribution businesses Abu Dhabi Distribution Company (ADDC) and Al Ain Distribution Company (AADC) have been merged under single entity with a new brand, TAQA Distribution. The merger is expected to improve customer experience and strengthen internal capabilities by enhancing scale and unlocking further opportunities for operational excellence and growth. TAQA launched a new brand identity for its group of companies. This move marks a milestone in the transformation and growth of the Company and underpins its strategy to grow through delivering integrated power and water services in the UAE and internationally. TAQA continues to expand its portfolio (including Masdar) domestically and internationally: UAE: The Taweelah Reverse Osmosis (RO) Independent Water Plant achieved full commercial operation in Q1. With a capacity of 200 MIGD, Taweelah RO is one of the world's largest RO desalination plants. Saudi Arabia: This is a key international target market for TAQA and significant progress was made on a number of projects in the Kingdom in 2024, as below: Financial close was achieved for Juranah Independent Strategic Water Reservoir Project, a strategic water infrastructure project aimed at addressing emergency municipal water demand across the Kingdom, specifically in the Makkah region during the Hajj season. The project is being developed by TAQA in conjunction with partners Vision Invest and GIC Consortium. Financial close was achieved for Najim Cogeneration Company, a new industrial steam and electricity cogeneration plant that will supply up to 475 MW of electricity and approximately 452 tonnes per hour (tph) of steam to a petrochemical complex located in Jubail in the Eastern Province of the Kingdom. TAQA will own 51% of the plant, with JERA owning the remaining 49%. Two 25-year Power Purchase Agreements (PPAs) were signed by a consortium of TAQA, JERA and Al Bawani, with Saudi Power Procurement Company (SPPC) to develop two new greenfield power projects, one each in Rumah and Al Nairyah, with a combined capacity of 3.6 GW. The two new plants will be developed as highly efficient combined cycle gas power plants, by respective special purpose entities owned by TAQA (49%), JERA (31%) and Al Bawani (20%) with operation and maintenance (O&M) of the plants to be undertaken through respective O&M special purpose entities having the same shareholding structure. North America: Masdar acquired a 50% stake in Terra-Gen Power Holdings II, significantly expanding its presence in the US renewables market. Terra-Gen's gross operating portfolio at the time of acquisition comprised 3.8 GW of wind, solar and battery storage projects, including 5.1 GWh of energy storage facilities across 30 renewable energy sites throughout the US. Europe: Masdar also completed three key acquisitions in Europe, expanding its footprint in the continent: Masdar completed the acquisition of Saeta Yield ('Saeta') from Brookfield Renewable. Saeta is an established renewables platform with an operating portfolio of 745 MW of predominantly wind assets (at the time of acquisition), and a 1.6 GW development pipeline in Spain and Portugal. Masdar and Endesa S.A. finalised a partnership agreement to advance renewable energy initiatives in Europe. Under this agreement, Masdar has acquired a 49.99 percent stake in EGPE Solar, a subsidiary of Enel Group's Endesa. EGPE, at the time of acquisition, owned a 2 GW portfolio of operational photovoltaic (PV) assets in Spain. Masdar also enhanced its renewable energy portfolio in Greece and the EU, through acquisition of Terna Energy, which had an operating capacity of 1.2 GW at the time of acquisition and targeting 6 GW of operational renewable capacity by 2029. Adding water sector capabilities: 2024 witnessed the completion of 100% acquisition of SWS Holding by TAQA. Rebranded to TAQA Water Solutions, it is the sole entity responsible for wastewater collection and treatment as well as production of recycled water in the Emirate of Abu Dhabi. This acquisition expands TAQA's capabilities in managing water and complements its existing portfolio, while adding significant value to the Company's asset base (regulated asset value of around AED 17.5 billion, with a network of approximately 13,000 km of sewer pipelines and water treatment capacity of approximately 1.3 million cubic meters). Oil & Gas: Key developments during 2024 in the Oil & Gas business include: The sale of TAQA's stake in the Atrush oil field in the Kurdish Region of Iraq. TAQA is also making significant progress in the UK, transitioning its focus towards safe and efficient decommissioning. Cessation of production at its North Cormorant, Cormorant Alpha, Eider and Tern platforms means that during 2024 the company has ended production in the Northern North Sea Onshore gas production in the Netherlands was ceased, 50 years after the start of production in the Dutch Alkmaar region. Strong access to capital markets: Fitch Ratings upgraded TAQA's rating to 'AA', up from 'AA-', demonstrating its strong balance sheet. TAQA issued USD 1.75 billion (~AED 6.4 billion) in dual-tranche bonds (7-year and 12-year notes) in October. The USD 850 million (~AED 3.1 billion) 12-year notes represent TAQA's second green bond issuance, the net proceeds of which are being used to finance, refinance and invest in relevant eligible green projects, as outlined in the Company's Green Finance Framework. Continued recognition of ESG initiatives: TAQA's commitment to sustainability continues to be recognised by the broader market, with MSCI upgrading the Company's ESG rating to 'A', up from 'BBB'. H.E. Mohamed Hassan Alsuwaidi, TAQA's Chairman, commented: '2024 was a pivotal year for TAQA as it further strengthened its position as a global leader in low-carbon power and water both in the UAE and abroad. TAQA's strong financial results for the year as well as the credit rating of AA by Fitch, which highlights the resilience of its balance sheet, are testimony to this. Throughout 2024, TAQA continued its growth, marked by key milestones such as the successful closing of the TAQA Water Solutions acquisition as well as strategic investments in international power generation projects. The robust performance across TAQA's businesses demonstrates its commitment to driving long-term value for its shareholders while positively contributing to the economic progress and environmental goals of the communities it serves.' Jasim Husain Thabet, Group CEO and Managing Director of TAQA said: 'TAQA's strong financial performance in 2024 was driven by robust results across our businesses. The year was a milestone for TAQA, highlighted by the merger of Abu Dhabi Distribution Company and Al Ain Distribution Company under the new TAQA Distribution brand, alongside the rebranding of our other operating entities in the UAE. This streamlining of our operations strengthens our customer service offering across the Emirate of Abu Dhabi, setting the stage for future growth. On the water side, we also expanded our capabilities in water treatment and reuse through the integration of TAQA Water Solutions, adding AED 17.5 billion to our regulated asset value. He added: 'Internationally, we made notable progress, particularly in the Kingdom of Saudi Arabia where we reached financial close for two of our projects, the Juranah Strategic Water Reservoir in Makkah region and the Najim Cogeneration Plant in Jubail, and signed project agreements with our partners to develop two high-efficiency gas power plants, one each in Rumah and Nairyah, with a combined capacity of 3.6 GW, further strengthening our presence in the Kingdom. Through Masdar, we took significant steps toward achieving our 2030 target of 100 GW of global renewable capacity, with several key acquisitions, including Terra-Gen in the US, Terna Energy and Saeta in Europe as well as a significant share in Endesa's renewables portfolio in Spain. To finance our growth, TAQA issued USD 1.75 billion in dual-tranche bonds, demonstrating strong market confidence in our business. On the ratings front, beyond the improvement of our credit rating, MSCI upgraded our ESG rating to A, reinforcing our commitment to sustainable growth. As we look ahead, TAQA remains focused on delivering its 2030 strategy by investing in critical infrastructure, driving innovation, and expanding internationally. I am proud of our achievements in 2024, and I am confident in our ability to deliver reliable and sustainable energy and water solutions while creating long-term value for all our stakeholders." For media enquiries, please contact ( For investor enquiries, please contact (ir@ About TAQA Established in 2005, TAQA is a diversified utilities and energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA). TAQA has significant investments in power and water generation, water treatment and reuse, transmission and distribution assets, as well as upstream and midstream oil and gas operations. The Company's assets are in the United Arab Emirates as well as Canada, Ghana, India, Morocco, Oman, the Netherlands, Saudi Arabia, the United Kingdom and the United States. For more information, please visit: and follow us @TAQAGroup on LinkedIn, Twitter, Instagram and YouTube.
