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.
In Praise of Zayed
A thousand grains of Sand whirl in the sky
To mark the journey of one passer-by
If then a Cavalcade disturbs the scene,
Shall such grains sing before they start to fly?
What man of Honour, and to Honour bred
Will fear to go wherever Truth has led?
For though a Thousand urge him to retreat
He'll laugh, until such counsellors have fled.
Stands always One, defiant and alone
Against the Many, when all Hope has flown.
Then comes the Test; and only then the time
Of reckoning what each can call his own.
History will not forget: that one small Seed
Sufficed to tip the Scales in time of need.
More than a debt, the Emirates owe to Zayed
Their very Souls, from outside influence freed.
No praise from Roderic can increase his Fame.
Steadfastness was the Essence of his name.
The changing years grow Gardens in the Sand
And build new Roads to Sand which stays the same.
But Hearts are not rebuilt, nor Seed resown.
What was, remains, essentially Alone.
Until the Golden Messenger, all-wise,
Calls out: "Come now, my Friend!" - and All is known
- Roderic Fenwick Owen
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Kandahar%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Ric%20Roman%20Waugh%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EGerard%20Butler%2C%20Navid%20Negahban%2C%20Ali%20Fazal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202.5%2F5%3C%2Fp%3E%0A
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
