Latest news with #Mubadala
Zawya
an hour ago
- Business
- Zawya
Abu Dhabi's data centre industry power investments to exceed $10.08bln: TAQA CEO
ABU DHABI – Abu Dhabi National Energy Company (TAQA) is poised to significantly bolster Abu Dhabi's burgeoning data and artificial intelligence hub, with its CEO and Managing Director announcing that total investments to support the power needs of the data centre industry in the emirate will exceed AED37 billion. This announcement aligns with TAQA's broader strategy to provide clean, certified, and reliable energy for critical infrastructure. Speaking to the Emirates News Agency (WAM) on the sidelines of the World Utilities Congress 2025, Jasim Husain Thabet, TAQA's Group Chief Executive Officer and Managing Director (GCEO & MD) highlighted the company's robust growth and strategic acquisitions. With a market capitalisation estimated at approximately AED360 billion, TAQA stands among the top five companies in Europe, Africa, and the Middle East for electricity generation, transmission, and water desalination, operating across 25 countries. Over the past four years, TAQA has impressively doubled its electricity production capacity to 56 gigawatts, surpassing the total electricity consumption of the United Kingdom. Recent strategic moves include the acquisition of an 875-megawatt gas-powered electricity station in Uzbekistan, in partnership with Mubadala, supporting Uzbekistan's energy transition and opening new Central Asian markets. Additionally, TAQA's acquisition of "Transmission Investment", a leading UK-based energy and utility investment platform. Further enhancing its clean energy portfolio, TAQA is currently constructing a 1-gigawatt gas turbine power station. In collaboration with Masdar, where TAQA holds a major stake, the company is also developing 5 gigawatts of solar energy backed by 19 gigawatt-hours of battery storage. This integrated solar and battery system, designed to deliver a continuous supply of 1 gigawatt for 24 hours, will be the largest project of its kind globally. TAQA aims to invest AED75 billion by 2030 to triple its electricity generation capacity to 150 gigawatts, he said. As part of this growth strategy, the company also plans to develop water desalination plants with a combined capacity of 1.3 billion gallons per day, with two-thirds utilising highly efficient reverse osmosis technology.
Zawya
17 hours ago
- Business
- Zawya
Construction advances on the UAE-Oman Hafeet Rail project
Construction on the Hafeet Rail project connecting the UAE and Oman is progressing with groundwork and railbed preparation and structural works on major bridges and tunnels underway in both countries, according to a press statement released by the operator on Thursday. In February 2025, Zawya Projects reported that Hafeet Rail awarded strategic contracts for the construction of the railway. The company has signed an signed a logistics agreement with Itaminas Comércio De Minérios S.A., one of Brazil's leading iron ore producers, covering Sohar Port's rail-connected facilities for iron ore import and value-added processing. The Hafeet Rail statement said Itaminas, as part of its long-term growth strategy, is actively exploring the establishment of segments of its value chain in the GCC, capitalising on the region's infrastructure, energy resources, and strategic location. Hafeet Rail, a joint venture between the UAE's Etihad Rail, Mubadala and Asyad Group, is responsible for the implementation and operation of the 238-kilometre (km) railway network. The network will feature 60 bridges, some rising up to 34 metres, and tunnels spanning 2.5km. (Writing by Deva Palanisamy; Editing by Anoop Menon) (
Arabian Post
19 hours ago
- Business
- Arabian Post
Mubadala's $1bn Sukuk Sale Sees Strong Investor Demand
Arabian Post Staff -Dubai Abu Dhabi's sovereign wealth fund Mubadala Investment Company has raised $1 billion through a 10-year U.S. dollar-denominated Islamic bond, or sukuk, marking its first debt issuance of the year. The bonds, issued via its financing arm Mamoura Diversified Global Holding, were priced at 60 basis points over U.S. Treasuries, tightening from initial guidance of 95 basis points, following robust investor demand. The offering attracted orders exceeding $4.75 billion, leading to a fivefold oversubscription, underscoring strong investor confidence in Mubadala's creditworthiness and the appeal of Islamic finance instruments. This issuance follows Mubadala's previous sukuk sale in October, where it raised 1 billion dirhams through a five-year bond. ADVERTISEMENT The sukuk employs a wakalah structure, utilizing a portfolio of publicly listed shares as underlying assets, a first for a UAE-origin sukuk. This innovative approach reflects a shift towards more flexible and equity-based structures in Islamic finance, potentially setting a precedent for future issuances in the region. Mubadala's latest financial results indicate a 9.1% increase in assets under management, reaching 1.2 trillion dirhams, driven by strategic investments in sectors such as technology, manufacturing, and private credit. As the second-largest state investment fund in Abu Dhabi, following the Abu Dhabi Investment Authority, Mubadala plays a pivotal role in the emirate's economic diversification efforts.
Zawya
19 hours ago
- Business
- Zawya
Mubadala, TAQA complete transaction for purchase of power plant in Uzbekistan
ABU DHABI - Mubadala, the Abu Dhabi sovereign investor, and Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities in Europe, the Middle East and Africa, have completed the acquisition of a gas-fired power generation plant at the Talimarjan Power Complex in Uzbekistan. Mubadala and TAQA each hold a 40 percent stake in the 875 MW TPP1 combined-cycle gas-fired plant through a newly established project company, Talimarjan Power Plant 1 LLC. Both TAQA and Mubadala also hold a 40% stake in the Talimarjan Operations & Maintenance LLC (O&M), which was established to operate the plant. Uzbekistan's JSC 'Talimarjan Issiqlik Elektr Stansiyasi' (TIES) holds the remaining 20 percent stakes in both the project company and the O&M entity. This transaction supports investments into the privatisation of Uzbekistan's power sector. It follows a strategic partnership between the Governments of Uzbekistan and the United Arab Emirates whereby Mubadala and TAQA will bring their global power sector expertise to the local power market in Uzbekistan. The 875 MW TPP1 plant has a Power Purchase Agreement (PPA) with JSC 'Uzenergosotish' (UES) (successor power purchaser to JSC 'National Electric Grid of Uzbekistan') for 25 years and plays a critical part in meeting demand for electricity in Uzbekistan as the country continues to experience rapid population and economic growth. Hammad Rahman, Head of Asia Pacific Infrastructure at Mubadala, said, 'Mubadala is committed to supporting countries across the world to meet their energy needs while reducing carbon emissions. Efficient natural gas-fired powered plants such as TPP1 will play an important part in enabling the transition to cleaner sources of energy. Uzbekistan is recording a significant growth in demand for power, and Mubadala looks forward to working with TAQA and our local partner TIES to ensure communities and businesses across the country have access to reliable, affordable and secure power supply that supports progress and socioeconomic development.' Frank Possmeier, Chief Investment Officer, Generation at TAQA, said, 'TAQA is pleased to collaborate with Mubadala and TIES in acquiring this vital asset that plays a crucial role in Uzbekistan's journey towards a privatised energy sector. As a low carbon power and water champion, TAQA will leverage its extensive experience and expertise to help Uzbekistan meet its growing energy needs while continuing to invest in this critical sector. Our stake in TPP1 demonstrates progress in delivering on our 2030 targets which aim to grow our power generation capacity to 150 GW and strengthens our operation and maintenance capabilities which is also a pivotal element of our strategy. We are committed to enhancing efficiency and ensuring TPP1 runs as a world-class power plant as part of our expanding portfolio as we continue to provide power to the communities we serve.' The acquisition of the TPP1 project brings direct foreign investment into Uzbekistan's thriving energy sector and will also support local development of social infrastructure and knowledge sharing initiatives aimed at capacity building and sustainable community development. TAQA's Generation business is targeting 150 GW of gross power generation by 2030, with around 100 GW of that capacity coming from renewable power sources through its leading stake in Masdar's renewable energy operations.
Al Etihad
19 hours ago
- Business
- Al Etihad
Mubadala, TAQA complete transaction for purchase of power plant in Uzbekistan
29 May 2025 12:39 ABU DHABI (WAM) Mubadala, the Abu Dhabi sovereign investor, and Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities in Europe, the Middle East and Africa, have completed the acquisition of a gas-fired power generation plant at the Talimarjan Power Complex in and TAQA each hold a 40 per cent stake in the 875 MW TPP1 combined-cycle gas-fired plant through a newly established project company, Talimarjan Power Plant 1 LLC. Both TAQA and Mubadala also hold a 40% stake in the Talimarjan Operations & Maintenance LLC (O&M), which was established to operate the JSC 'Talimarjan Issiqlik Elektr Stansiyasi' (TIES) holds the remaining 20 per cent stakes in both the project company and the O&M transaction supports investments into the privatisation of Uzbekistan's power sector. It follows a strategic partnership between the Governments of Uzbekistan and the United Arab Emirates whereby Mubadala and TAQA will bring their global power sector expertise to the local power market in 875 MW TPP1 plant has a Power Purchase Agreement (PPA) with JSC 'Uzenergosotish' (UES) (successor power purchaser to JSC 'National Electric Grid of Uzbekistan') for 25 years and plays a critical part in meeting demand for electricity in Uzbekistan as the country continues to experience rapid population and economic Rahman, Head of Asia Pacific Infrastructure at Mubadala, said, 'Mubadala is committed to supporting countries across the world to meet their energy needs while reducing carbon emissions. Efficient natural gas-fired powered plants such as TPP1 will play an important part in enabling the transition to cleaner sources of is recording a significant growth in demand for power, and Mubadala looks forward to working with TAQA and our local partner TIES to ensure communities and businesses across the country have access to reliable, affordable and secure power supply that supports progress and socioeconomic development.'Frank Possmeier, Chief Investment Officer, Generation at TAQA, said, 'TAQA is pleased to collaborate with Mubadala and TIES in acquiring this vital asset that plays a crucial role in Uzbekistan's journey towards a privatised energy sector. As a low carbon power and water champion, TAQA will leverage its extensive experience and expertise to help Uzbekistan meet its growing energy needs while continuing to invest in this critical stake in TPP1 demonstrates progress in delivering on our 2030 targets which aim to grow our power generation capacity to 150 GW and strengthens our operation and maintenance capabilities which is also a pivotal element of our strategy. We are committed to enhancing efficiency and ensuring TPP1 runs as a world-class power plant as part of our expanding portfolio as we continue to provide power to the communities we serve.'The acquisition of the TPP1 project brings direct foreign investment into Uzbekistan's thriving energy sector and will also support local development of social infrastructure and knowledge sharing initiatives aimed at capacity building and sustainable community development. TAQA's Generation business is targeting 150 GW of gross power generation by 2030, with around 100 GW of that capacity coming from renewable power sources through its leading stake in Masdar's renewable energy operations.
