Media Releases

TAQA announces receipt of offer from ADPower 3 Feb 2020

Abu Dhabi National Energy Company PJSC (‘TAQA’) announced today that its Board of Directors has received an offer from Abu Dhabi Power Corporation PJSC (‘ADPower’), a Public Joint Stock Company that owns most of the water and electricity assets across the Emirate of Abu Dhabi, to transfer certain assets to TAQA in exchange for shares.

Abu Dhabi, UAE – 03 February 2020: Abu Dhabi National Energy Company PJSC (‘TAQA’), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, announced today that its Board of Directors has received an offer from Abu Dhabi Power Corporation PJSC (‘ADPower’), a Public Joint Stock Company that owns most of the water and electricity assets across the Emirate of Abu Dhabi.

The key terms of the offer are that ADPower would transfer certain assets to TAQA in exchange for 106,367,950,000 shares in TAQA and the termination of the land lease agreement between ADPower and TAQA. This implies an exchange ratio of 17.53423833 new ordinary shares in TAQA issued for every existing share. When applied to ADPower’s valuation of the contributed assets, the offer implies an equity value of TAQA of AED 4,156 million. Post completion, ADPower would own 98.60% of the entire issued share capital of TAQA.

According to the offer received from ADPower, this would include most of ADPower’s water and electricity generation, transmission and distribution assets. The offer is subject to various approvals, including by the Abu Dhabi Department of Energy (DoE), the Securities and Commodities Authority (SCA) and TAQA shareholders.

The Board of TAQA will consider the transaction proposed by ADPower before making any recommendation to the shareholders.

Should an agreement be reached between the two parties, it is envisaged that the terms of the proposed transaction will be finalized during H1 2020. A TAQA general assembly meeting would consider approving the transaction during H2 2020, with closing shortly thereafter. At this time, there is no certainty that any transaction will result.

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About TAQA:

Established in 2005, TAQA is a diversified international 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 investments in power generation, water desalination, oil and gas exploration and production, pipelines and gas storage. The company's assets are located in Canada, Ghana, India, Iraq, Morocco, Oman, Saudi Arabia, the United Arab Emirates, Netherlands, the United Kingdom and the United States.

ADPower, TAQA Sign MOU with France’s EDF 14 Jan 2020
Abu Dhabi Power Corporation (ADPower) and Abu Dhabi National Energy Company (TAQA) announced the signing of a Memorandum of Understanding (MoU) with Electricite De France (EDF Group) to explore the establishment of a training and development program for UAE nationals. The MoU aims to create a technical specialization that will help secure a pipeline of highly qualified local talent for the water and energy sector’s long-term sustainability.


The MoU was signed by Jasim Hussain Thabet, CEO and Managing Director at ADPower, Saeed Al Dhaheri, CEO of TAQA, and Laurent Clement, Managing Director, Middle East, at EDF. The ceremony was held during Abu Dhabi Sustainability Week (ADSW) 2020, where the water and electricity sector is highlighting its commitment to enabling the UAE to meet its technical and human capital sustainability objectives by developing world-class Emirati technical professionals.

Under the terms of the MoU, ADPower, TAQA and EDF will explore the opportunity for the creation of a training program specifically designed to qualify Emirati professionals, with a focus on improving home-grown capabilities – particularly for technically demanding roles within the sector. The program aims to ensure the selected candidates receive effective training and employment opportunities within ADPower’s and TAQA’s subsidiaries. The MoU also aims to create a joint certification academy to train new UAE graduates as well as existing employees of ADPower and TAQA.

Speaking at the MoU signing ceremony, Jasim Husain Thabet said: "Investing in Emirati talent is an investment in our future and forms a critical part of the transformation of the water and electricity sector in Abu Dhabi. Building on our Emiratization agenda, which includes our recently launched Graduate Training Program, we continue to explore avenues to attract and develop UAE nationals, equipping them with the best tools to perform and excel in their roles.  We look forward to building on this commitment in the months and years ahead.”

Saeed Al Dhaheri, CEO of TAQA, said, “This program will further prepare our UAE youth to lead an industry that is so vital to the global economy. These trainees will help shape the sector and set the stage for our industry’s future leaders. We are excited to be a part of their journey.”

Mr Clement said: “Today’s announcement illustrates EDF Group’s historical commitment to training and capacity-building as well as its support to the UAE’s sustainable economic development. We are happy to contribute to the development of the new generation of Emirati talent through this partnership with ADPower and TAQA.”

Abu Dhabi’s water and electricity sector is a driving force for socio-economic growth and development in the UAE. ADPower is transforming the sector into an efficient, reliable, sustainable, value-generating system that empowers excellence, delivers value and is fit for the future.