Abu Dhabi National Energy Company, better known as Taqa, is looking for more deals after investing £25 million ($31.1 million) in British start-up Xlinks First, which plans to build the world's longest high-voltage direct current subsea power cable between Morocco and the UK for the transmission of renewable energy.
“We are actively looking at opportunities that actually fit us, within the UAE and outside the UAE,” Omar Al Hashmi, executive director of transmission and distribution at Taqa Group, told The National in an interview on the sidelines of the World Utilities Congress in Abu Dhabi on Tuesday.
“There are a lot of projects happening but the size of this project will make people more ambitious of connecting for longer distances.”
The project, expected to be operational by 2030, will provide the UK with 3.6 gigawatts of electricity derived from renewable energy sources. It would be able to power seven million British homes by the end of the decade.
“It is a very ambitious project. We like the uniqueness of the project,” Mr Al Hashmi said.
“When you look at the fundamentals of the project, we think this is good. Today, technology allows us to design long distances, whereas in the past, we [have seen] interconnection of power between short distances.”
Xlinks is among a number of first-of-their-kind, long-distance renewable energy generation and cross-border export projects being planned globally, as demand for clean power increases amid green transition efforts.
UK-based energy retailer Octopus Energy also invested £5 million in the company.
The funding for the project is “similar to any other generation projects where you have financial flows and certain debt-equity ratio”, Mr Al Hashmi said.
Last month, Taqa raised an aggregate $1.5 billion through dual tranche bond issuances, including its first green bond, as it continues to invest in expansion and diversify its sources of funding.
Taqa raised $1 billion from its debut green bond, net proceeds of which will be used for financing, refinance and investment in green projects, it said at the time.
Established in 2005, Taqa has investments in power and water generation, transmission and distribution assets, as well as upstream and midstream oil and gas operations.
It has significant investments in water desalination and power generation, transmission and distribution assets, as well as upstream and midstream oil and gas operations.
The company's assets are spread across the UAE, Saudi Arabia, Canada, Ghana, India, Iraq, Morocco, Oman, the Netherlands, the UK and the US.
In December, Taqa, Mubadala Investment Company and Adnoc completed a deal to become shareholders in Abu Dhabi's clean energy company Masdar.
