Abu Dhabi National Energy Company, better known as Taqa, will develop greenfield projects and boost its growth in the renewable energy sector through acquisitions, according to the company's executive director of generation.
The Abu Dhabi-listed utility aims to generate more than 30 per cent of its power from clean sources by 2030, compared with 5 per cent currently, Farid Al Awlaqi told The National.
“We are going to pursue organic and inorganic opportunities through greenfield development, through acquisitions ... projects under development or projects in operations, so all options are open,” he said on the sidelines of the World Utilities Congress in Abu Dhabi.
The company will pursue organic and inorganic opportunities in the Mena region and other countries, Mr Al Awlaqi said.
“Our area of strength is where we are present today, which is Mena … following opportunities outside the region is also on the table,” he said. “We are present in several GCC countries. We are also present in North Africa and we are going to continue to grow that.”
Apart from the UAE, Taqa has operations in countries such as Canada, Ghana, India, Iraq, Morocco, Oman, the Netherlands, Saudi Arabia, the UK and the US.
Taqa has significant investments in power and water generation, as well as in the oil and gas sector. It plans to invest Dh40 billion ($10.9bn) in infrastructure development as it focuses on its push into renewable energy under its 2030 strategy.
On Thursday, the company reported a 37 per cent surge in its first-quarter profit as revenue grew during the period on the back of higher oil prices.
Net profit attributable to the equity holders for the three-month period to the end of March rose to Dh1.97 billion ($536 million). Revenue during the period jumped 20 per cent to Dh12.4bn.
In the UAE, Taqa's projects include the Taweelah A1, Taweelah A2, Shuweihat S1 and Mirfa International power and water plants.
In the renewables sector, the company holds a 60 per cent stake in the 1.2-gigawatt Noor Abu Dhabi solar plant, the world’s largest single-site solar photovoltaic plant.
Taqa is also developing a 2-gigawatt solar plant in Al Dhafra, Abu Dhabi, in partnership with Masdar, France’s EDF renewables and China’s JinkoPower.
“We have a 30 per cent target in renewables and we already have 5 per cent in place,” Mr Al Awlaqi said.
On Tuesday, Emirates Water and Electricity Company (Ewec) announced plans for a 1,500-megawatt solar project in Abu Dhabi's Al Ajban district and this is “going to be feeding towards the ambition of our 30 gigawatts here in the UAE”, he said.
“And, at the same time, we are also pursuing other projects overseas at the moment,” Mr Al Awlaqi said.
Ewec asked companies on Tuesday to submit an expression of interest for the development of Al Ajban solar plant.
The project involves the development, financing, construction, operation, maintenance and ownership of the plant and associated infrastructure.
“[A] lot of the projects, especially on the renewable side, are developed by Ewec but we are entitled to a minimum of 40 per cent stake in those projects,” said Mr Al Awlaqi.
“So, whatever Ewec finally arrives [at] as projected plans in renewables, we will have a guaranteed stake in that.”
Taqa is also teaming up with Emirates Global Aluminium, Dubal Holding and Ewec to further develop solar power capacity in Abu Dhabi.
As part of the deal, Taqa and Dubal Holding plan to acquire EGA’s power-generation assets in the UAE, with each company holding a 50 per cent stake.
The power generated from the assets will be supplied to the grid under a long-term power purchase agreement with Ewec’s load dispatch centre, Taqa said earlier this year.
The Abu Dhabi utility plans to expand its generating capacity in the UAE to 30 gigawatts by 2030, from the current 18 gigawatts, and its global generating capacity by 15 gigawatts as it continues to look for new opportunities.
The company is also developing a water and power project in Saudi Arabia in partnership with Japan’s Marubeni Corporation and Saudi Aramco.
Taqa is optimistic about hydrogen as demand for the clean fuel grows amid mounting climate change concerns.
“Taqa has committed to deliver on the UAE’s strategy on net zero by 2050. Investments in renewable technology is a big step towards that,” Mr Al Awlaqi said.
“At the same time, we are also open to new technologies … so hydrogen is also a very interesting green fuel of the future. There are a lot of bets being made on it, as well as other things. We are investing in all of them, and hydrogen is one of them.”
The company is “well positioned to develop projects in green hydrogen because 60 per cent of the cost of green hydrogen comes from power, and we understand the renewable power side very well”, Mr Al Awlaqi said.
“We have developed the most competitive projects in the world when it comes to renewable energy, so we are in a big position to lend something towards developing green hydrogen as a market.”
Last year, Taqa signed an agreement with Abu Dhabi Ports to develop a 2-gigawatt green ammonia project in the UAE. It also plans to supply Emirates Steel with green hydrogen for steel production.
The company is also set to become a shareholder in Abu Dhabi’s clean energy company Masdar, alongside Adnoc and Mubadala Investment Company.
Upon the completion of the transaction in the coming months, Taqa will take a 43 per cent stake in Masdar’s renewable energy business while Mubadala and Adnoc will retain 33 per cent and 24 per cent, respectively.
Taqa will also be taking a 24 per cent stake in Masdar’s green hydrogen business, with Adnoc holding 43 per cent and Mubadala 33 per cent.
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Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
Pieces of Her
Stars: Toni Collette, Bella Heathcote, David Wenham, Omari Hardwick
Director: Minkie Spiro
Rating:2/5
UAE currency: the story behind the money in your pockets
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
If you go
The flights
Etihad and Emirates fly direct from the UAE to Chicago from Dh5,215 return including taxes.
The hotels
Recommended hotels include the Intercontinental Chicago Magnificent Mile, located in an iconic skyscraper complete with a 1929 Olympic-size swimming pool from US$299 (Dh1,100) per night including taxes, and the Omni Chicago Hotel, an excellent value downtown address with elegant art deco furnishings and an excellent in-house restaurant. Rooms from US$239 (Dh877) per night including taxes.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Racecard
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Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Stage 5 results
1 Tadej Pogacar (SLO) UAE Team Emirates 3:48:53
2 Alexey Lutsenko (KAZ) Astana Pro Team -
3 Adam Yates (GBR) Mitchelton-Scott -
4 David Gaudu (FRA) Groupama-FDJ 0:00:04
5 Ilnur Zakarin (RUS) CCC Team 0:00:07
General Classification:
1 Adam Yates (GBR) Mitchelton-Scott 20:35:04
2 Tadej Pogacar (SlO) UAE Team Emirates 0:01:01
3 Alexey Lutsenko (KAZ) Astana Pro Team 0:01:33
4 David Gaudu (FRA) Groupama-FDJ 0:01:48
5 Rafał Majka (POL) Bora-Hansgrohe 0:02:11
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
ILT20%20UAE%20stars
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Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
What is graphene?
Graphene is a single layer of carbon atoms arranged like honeycomb.
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.
At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.
It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.
But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties.
