Latest news with #TAQATransmission
Al Etihad
17-04-2025
- Business
- Al Etihad
TAQA acquires leading UK electricity transmission development, services company
17 Apr 2025 16:32 ABU DHABI (ALETIHAD)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 is one of the largest players operating offshore transmission (OFTO) assets connecting offshore wind farms to the UK 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 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 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 acquisition of TI establishes TAQA in the UK electricity transmission sector and allows expansion into European and international markets, leveraging TAQA's leading its founding in 2009, TI has emerged as one of the UK's largest players in the offshore electricity transmission sector, with approximately Dh15 billion (£3 billion) of assets under management in relation to its existing portfolio of 11 OFTO 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 week, Ofgem appointed TI's consortium with Amber and INPP as its preferred bidder for Moray West 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 $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," Al Yafei added. 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," Veal said.
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."
Zawya
17-04-2025
- Business
- Zawya
Abu Dhabi's TAQA acquires UK energy and utility investment platform
Abu Dhabi National Energy Company (TAQA) has announced the acquisition of the UK-based energy and utility investment platform Transmission Investment (TI), a player in the operating offshore transmission (OFTO) market, with assets connecting offshore wind farms to the UK grid. TI has AED 15 billion ($4.08 billion) of assets under management based on its existing portfolio of 11 OFTO assets. The acquisition is expected to help TAQA expand its capabilities in offshore transmission services and infrastructure development, allowing for expansion into European and international markets. Financial details of the acquisition have not been disclosed. TI will become a part of TAQA Transmission, the recently launched subsidiary of the TAQA Group, responsible for the development and operation of the parent company's high voltage power and bulk water transmission infrastructure. Earlier this year, TAQA Transmission also partnered with the ADNOC to complete laying 1,000 kilometres of cables as part of their $3.8 billion project to power and decarbonise the state-backed energy giant's offshore production operations. (Writing by Bindu Rai, editing by Seban Scaria)
Yahoo
26-02-2025
- Business
- Yahoo
Masdar, TAQA and Eni to boost UAE/ Italy/Albania energy co-operation
The United Arab Emirates (UAE)-based Abu Dhabi Future Energy Company (Masdar) has signed an agreement with TAQA Transmission and Eni to advance the tripartite energy partnership framework between the UAE, Italy and Albania. The agreement, formalised by Mohamed Jameel Al Ramahi, CEO of Masdar, Jasim Husain Thabet, CEO of TAQA Group, and Claudio Descalzi, CEO of Eni, outlines the creation of a collaborative framework to establish a long-term power off-take agreement in Italy. This will support the renewable energy capacity to be produced in Albania and transmitted via the cross-border interconnection between Albania and Italy. This agreement was signed in the presence of UAE President Sheikh Mohamed bin Zayed Al Nahyan and Italian Prime Minister Giorgia Meloni. The initiative is part of a broader strategic partnership between the UAE, Italy and Albania. Masdar and TAQA Transmission are the designated entities from the UAE, while the Albania Power Corporation and OST are the designated entities from Albania. Eni has been identified as the preferred potential off-taker for the renewable energy generated under the partnership. Masdar CEO Mohamed Jameel Al Ramahi stated: 'Building on our existing collaborations across the Mediterranean, today's agreement will pave the way to Masdar increasing its presence in the region. By integrating TAQA's expertise in high-voltage transmission infrastructure and Eni's leadership in European energy markets, we are uniquely positioned to deploy cutting-edge solutions at gigawatt scale. 'As a trusted partner in Europe's energy transformation, Masdar remains committed to fostering sustainable development, creating skilled jobs and delivering affordable, reliable clean energy to communities. The tripartite strategic partnership, signed at Abu Dhabi Sustainability Week 2025, which took place from January 12 to January 18, aims to enhance energy security, promote sustainable development and accelerate the energy transformation in the Mediterranean region. Eni CEO Claudio Descalzi stated: 'Cross-border energy collaboration plays an increasing role in energy security as it can promote the use of cleaner and more sustainable energy vectors. With this agreement, we leverage industrial excellence and market leadership. 'Thanks to our strong relationship with our partners in UAE and Albania, we can unlock new pathways towards energy transition." Masdar, TotalEnergies and EPointZero have recently signed a framework for action agreement to boost clean energy access in Africa and Asia. Following a meeting between UAE President Sheikh Mohamed bin Zayed Al Nahyan and French President Emmanuel Macron, the collaboration aims to enhance sustainable electricity provision and explore new clean energy opportunities. Masdar and TotalEnergies will focus on delivering reliable and sustainable electricity to local communities in Africa, supporting the long-term transformation of energy systems. "Masdar, TAQA and Eni to boost UAE/ Italy/Albania energy co-operation" 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
Dubai Eye
25-02-2025
- Business
- Dubai Eye
UAE President arrives in Albania for meetings with PM
President His Highness Sheikh Mohamed bin Zayed Al Nahyan has arrived in Albania and held meetings with the Prime Minister of Albania, Edi Rama, on ways to expand cooperation in key sectors such as the economy, trade, renewable energy, food security, and technology. The UAE President arrived at the Palace of Brigades in the capital Tirana, where the national anthems of the UAE and Albania were played and an honour guard was assembled to salute His Highness. His Excellency Edi Rama held a banquet in honour of the UAE President and the accompanying delegation. His Highness underscored that the UAE, as part of its consistent approach towards advancing global peace, supports all efforts to achieve peace and stability in the Balkan region. His Highness also emphasised the UAE's support for resolving conflicts through diplomacy and dialogue to foster regional development and prosperity and peace and security worldwide. Sheikh Mohamed highlighted the significant progress in UAE-Albania relations in recent years, particularly in areas that contribute to both nations' joint development. He reaffirmed the UAE's commitment to further strengthening these ties in the coming period and noted that non-oil trade between the UAE and Albania grew by 129.4 per cent in 2024 compared to 2023. His Highness stated that the two nations engage in promising cooperation in renewable and clean energy in line with their shared sustainability ambitions, emphasising the UAE's keenness to further bolster collaboration in this sector in the future. Both sides affirmed their continued determination to advance relations for the benefit of their countries and people, The UAE President and the Albanian Prime Minister witnessed the exchange of a framework for action between Masdar, TAQA Transmission, Korporata Elektroenergjitike Shqiptare (KESH) – Albania Power Corporation, and Operatori i Sistemit të Transmetimit (OST). The framework will progress their collaboration on the assessment and implementation of the initiatives of the tripartite strategic partnership framework related to renewable energy and energy infrastructure signed by the UAE, Albania, and Italy. This framework aims to enhance cooperation in developing renewable energy projects, thereby improving energy security, promoting sustainable development, and accelerating the transition to clean energy in the Mediterranean region. His Highness and the Albanian Prime Minister also witnessed the exchange of a letter of engagement between Presight AI and the Albanian Ministry of Interior for the Albania Smart City Project with the aim of improving infrastructure and public facilities. The exchange took place between UAE Minister of Industry and Advanced Technology, Dr Sultan bin Ahmed Al Jaber, and from the Albanian side, Deputy Prime Minister and Minister of Infrastructure and Energy, Belinda Balluku and Minister of Interior, Ervin Hoxha.
