Latest news with #TAQAWaterSolutions
Al Etihad
27-05-2025
- Business
- Al Etihad
TAQA, DEWA unveil visions for sustainable future
28 May 2025 00:37 SARA ALZAABI (ABU DHABI)Two leading players in the UAE's utilities sector - TAQA Water Solutions and Dubai Electricity and Water Authority (DEWA) - unveiled their visions for a sustainable future at the World Utilities Congress to Aletihad, Eng. Abdulwahab Sharif, Chief Business Development Officer at TAQA Water Solutions, emphasised the company's dedication to sustainable water management and global innovation.'We are keen to show our commitment to the global agenda when it comes to sustainable water solutions,' Eng. Sharif described the company's core mission: 'Our mandate is to collect, treat and reuse every drop of wastewater in the emirate of Abu Dhabi.'Currently, TAQA Water Solutions treats over one million cubic metres of wastewater per day, with a reuse rate of approximately 80%, largely for landscaping, agriculture, and industrial purposes.'This is a record number. We are very proud to share this with the world, and we are aiming to reach 100%,' he the technologies in use, Eng. Sharif explained: 'We work with local and global partners, using different technologies tailored for each system. We are using the latest solutions available in the field.'A key innovation showcased at the Congress is SCADA - an AI-powered intelligent system that monitors and manages operational assets in real time.'SCADA gives you visibility of all your assets and how they are being operated. It collects sensor data and helps optimise performance,' he Water Solutions is also taking its expertise abroad. 'We have started looking at how to take our knowledge overseas,' Eng. Sharif noted.'One of the recent developments is in Uzbekistan. Together with our partners, we are going to develop the largest wastewater treatment plant in the Commonwealth of Independent States (CIS) region, with a capacity of one million cubic metres per day.'Also under development is a project to collect water from mountainous regions and use gravity-powered hydroelectricity to carry, treat, and supply it to the new Tashkent city. 'This is a mega project we are proud to announce, still in the development phase,' he Sharif strongly advocated for the use of Treated Sewage Effluent (TSE) in industrial applications. 'We take the wastewater, treat it further, and reuse it in industry - instead of consuming the precious potable water produced through desalination.'Reflecting on the broader significance of water sustainability, he remarked: 'Water is the most important sector in the whole emirate - more important than energy. It is the source of life. Without water, there is no life.''Our mission is to ensure that every drop is used properly, and our vision is to be a global pioneer in sustainable solutions,' he concluded. 'Globally, there is a lot of emphasis on reusing water. As aquifers are being depleted and desalination becomes more costly, water reuse is emerging as a crucial alternative.'Meanwhile, Eng. Meera Baqer, Solar Energy Engineer at DEWA, highlighted the UAE's flagship renewable energy initiative.'We are here today at the World Utilities Congress 2025 to showcase our project, the Mohammed bin Rashid Al Maktoum Solar Park - the largest single-site solar park in the world developed using the Independent Power Producer (IPP) model,' she said.'To date, the current capacity of the park has reached 3,860 MW.' She further noted that DEWA plans to ramp up the park's capacity. 'By 2030, the solar park's production capacity is set to reach 7,260MW. Therefore, once fully completed, it will reduce carbon emissions by 8 million tonnes annually.'
Khaleej Times
22-03-2025
- General
- Khaleej Times
Opinion: How Wastewater Solutions Can Safeguard Our Water Future
As we commemorate World Water Day and look ahead to the "International Year of Glaciers' Preservation" in 2025, the stark reality of our changing climate demands urgent action. Glaciers, those frozen rivers of water, are essential to the water cycle, providing a vital source of freshwater for drinking, sanitation, agriculture, industry, and even clean energy production. But these icy giants are melting at an alarming rate, driven by heat waves, rising temperatures, and longer summers. The consequences are potentially catastrophic, threatening ecosystems and exacerbating both water scarcity and water-related hazards, demanding immediate and decisive intervention to safeguard our planet's future. While the focus is rightly on preserving these vital ice reserves, we must also acknowledge that even with the most ambitious climate mitigation efforts, some glacial melt is inevitable. This is not an isolated phenomenon; it triggers a domino effect with far-reaching consequences, impacting regions across the globe. As glaciers shrink, and freshwater supplies dwindle, innovative water management solutions, particularly wastewater treatment and reuse, become absolutely critical for securing our water future, especially in water-stressed regions like the Middle East and North Africa (MENA). The MENA region, already grappling with severe water scarcity, faces an even greater challenge as glacial melt patterns shift and potentially diminish freshwater supplies. Supporting 12% of the world's population with a mere 1% of its renewable freshwater resources, the MENA region faces a critical nexus of water insecurity. This vulnerability to climate change is further compounded by already strained water resources and rapid population growth, making diversifying water sources and embracing sustainable practices absolutely imperative. At TAQA Water Solutions, we see wastewater treatment and reuse not just as an environmental necessity but as a strategic investment in water security, especially crucial in the face of diminishing glacial melt. Every drop counts. With a total wastewater treatment capacity of 1.3 million cubic meters per day and an impressive 80% utilisation rate, we are efficiently positioned to meet Abu Dhabi's growing demand for high-quality recycled water. This significantly reduces reliance on increasingly strained water sources. Think of it: recycled water revitalising ecosystems, supports biodiversity, and fosters environmental conservation for wildlife, flora, and fauna, a commitment exemplified by the Al Wathba Ghaf Grove, where over 1,000 trees are nurtured by recycled water. From there, it extends to greening urban landscapes, irrigating agriculture, and even recharging aquifers. Recycled water is reinvigorating Abu Dhabi's landmarks, from the verdant Al Ain forests to the iconic Sheikh Zayed Grand Mosque, proving its indispensable role in a resilient water future. Wastewater reuse is a powerful tool but must be used as one element of a broader comprehensive solution. To truly safeguard our water future, we need a holistic, integrated approach that leverages synergies and collaborations across the water sector. As part of TAQA Group, TAQA Water Solutions is uniquely positioned to enable these comprehensive and innovative solutions. This includes smarter water management through the use of smart technology sensors, real-time monitoring, and data analytics to optimise water collection and distribution, detect leaks, and minimise waste. Furthermore, we must invest in nature-based solutions to reduce runoff and enhance biodiversity. By combining these measures and realising overall water demand, we can significantly lessen the pressure on all freshwater sources. This vision demands collaboration. Public-private partnerships are not optional; they are essential for unlocking the expertise, resources, and innovation needed to rapidly deploy resilient water solutions. TAQA Water Solutions' new partnership with the New Tashkent City Directorate exemplifies this new era in water security. Building on last year's success in leading the development of Tashkent's largest wastewater treatment plant, we are now exploring a second transformative project with the development of a 65km raw water transmission pipeline and a cutting-edge water treatment plant. This ambitious undertaking aims to provide a reliable supply of clean water for approximately 2 million people in New Tashkent City, significantly enhancing the city's water resilience. Moreover, our collaboration with the Kazakhstan Investment Development Fund (KIDF) to revitalise water treatment infrastructure in one of the driest regions, demonstrates how strategic partnerships can overcome even the most pressing water challenges. This collaboration serves as a blueprint for a water-secure future, a future built together, with businesses investing in innovative solutions and communities adopting responsible water habits. On this World Water Day, as we reflect on the critical importance of glacier preservation, let us remember that every action counts. TAQA Water Solutions is demonstrating how innovative wastewater solutions can directly mitigate the impact of glacial melt by reducing reliance on freshwater sources. I urge individuals and businesses across the region to embrace this approach, fostering collaboration and building capacity to safeguard our water future. By embracing innovation, and investing in solutions like those pioneered by TAQA Water Solutions, we can mitigate the impact of glacial melt and ensure a water-resilient future for generations to come. Let's act now, investing in innovative solutions and responsible practices, to secure a resilient water future that benefits both present and future generations.
Zawya
11-03-2025
- Business
- Zawya
TAQA Water Solutions to develop major water project in Uzbekistan
ABU DHABI - TAQA Water Solutions has signed a Memorandum of Agreement (MoA) with the New Tashkent City Directorate to explore the development of a 65km raw water transmission pipeline and a cutting-edge water treatment plant in New Tashkent City, Uzbekistan. This agreement marks TAQA Water Solutions' second mega water infrastructure project in Uzbekistan and a significant step towards the vision of a modern and sustainable New Tashkent City by providing reliable, clean water to serve approximately 2 million people. The MoA signifies the commencement of a crucial phase in the development of this vital water infrastructure project, where, under the terms of the agreement, TAQA Water Solutions is granted a period of exclusivity to develop a comprehensive proposal for the project. This will involve conducting thorough technical and financial assessments to confirm the project's viability and develop proposals for a bankable, sustainable solution. The agreement was signed by Ahmed Al Shamsi, CEO of TAQA Water Solutions, and Maksud Abbaskhanov, Deputy Director of the New Tashkent City Directorate. Upon completion, the new water infrastructure project will provide sustainable drinking water sourced from the Charvak Mountain Reservoir to people in New Tashkent City. It will feature a state-of-the-art water treatment plant empowered with advanced technologies to ensure the delivery of high-quality drinking water that meets the highest international standards. The 65km raw water transmission pipeline will transport water, with a daily capacity of over 500,000 cubic metres, producing up to 20 megawatts of hydro-power to ensure a reliable and consistent supply of clean water, bolstering the continued growth and development of New Tashkent City by meeting its increasing current and future water needs. Al Shamsi commented, "Building on last year's success in leading the development of Tashkent's largest wastewater treatment plant, we are eager to embark on developing comprehensive evaluations and assessments for this new project that will set new standards for sustainable resource management and contribute to the long-lasting wellbeing and prosperity of the New Tashkent City community." Abbaskhanov, in turn, said, "Developing this project will supply the people of New Tashkent with a reliable and sustainable operation that has proven its strength as state-of-the-art in the UAE, which goes alongside the reputation of TAQA Water Solutions and its engineers. This agreement is a significant step, and I am more than confident that the cooperation we have had over the past couple of months in developing this agreement has laid a solid foundation for the next steps." Valued at AED2 billion, the project demonstrates an investment in the bright future and rapid growth of New Tashkent City. By securing the city's long-term water supply, the project paves the way for economic growth and aims to elevate the quality of life for the entire community. This project further strengthens the growing bilateral relationship between the UAE and Uzbekistan, highlighting the shared commitment to sustainable development and economic progress.
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.
