TAQA Divests Stake in Indian Power Plant as Part of Low-Carbon Focus

The Abu Dhabi National Energy Company (TAQA) has sold its 100 percent stake in India's TAQA Neyveli Power Company Private Limited (TAQA Neyveli) to MEIL Energy Private Limited for AED387 million ($105.38 million). This move aligns with TAQA's broader efforts to transition towards cleaner energy solutions, reduce long-term emissions, and respond to the changing dynamics of global energy demands. TAQA's CEO, Farid Al Awlaqi, stated that the company is sharpening its focus on low-carbon, highly flexible gas-fired power generation and renewable energy investments. The sale represents a considered adjustment to TAQA's generation portfolio as it progresses towards a more sustainable energy mix.

Key Takeaways:

• TAQA has fully exited its interest in TAQA Neyveli, a 250 MW lignite-fired power plant in Tamil Nadu, India, as part of its low-carbon focus.
• The sale is consistent with TAQA's 2030 Corporate Strategy for sustainable and profitable growth, which targets achieving 150 GW of capacity, with two-thirds coming from renewables through its stake in Masdar.
• TAQA has made several significant strategic growth investments over the past year, including an additional 1 GW of gas-fired capacity in the UAE and the development of new flexible, low-carbon gas-fired power and renewable power generation projects in Morocco.
• In 2020, TAQA had a gross capacity of 21 GW, and today the company has grown to approximately 70 GW, set to achieve its 2030 target of 150 GW.
• The divestment of TAQA Neyveli is part of TAQA's focus on investing in efficient, lower-emission technologies that support energy security, enable renewable energy integration, and address growing industrial demand.

Statistics:

• TAQAs sale consideration for the 100 percent stake in TAQA Neyveli is AED387 million ($105.38 million).
• TAQAs gross capacity in 2020 was 21 GW, increasing to approximately 70 GW today.
• TAQA's target is to achieve 150 GW by 2030, with two-thirds coming from renewables through its stake in Masdar.
• The Rumah 2 and Al Nairyah 2 Power Plants in Saudi Arabia total approximately 3.6 GW in capacity.

Sources:

• A statement from the Abu Dhabi National Energy Company (TAQA) announcing the divestment of its stake in TAQA Neyveli Power Company Private Limited.
• An interview with TAQA's CEO, Farid Al Awlaqi, highlighting the company's focus on low-carbon power generation and renewable energy investments.
• A report on TAQA's 2030 Corporate Strategy, which outlines the company's target of achieving 150 GW of capacity with two-thirds coming from renewables.