Arab News, Thursday, Mar 25, 2021 | Shaaban 11, 1442
Abu Dhabi’s Taqa to invest $10 billion at home and expand in Saudi Arabia
Saudi Arabia:
Abu Dhabi energy giant Taqa has unveiled is set to invest 40 billion
dirhams ($10.88 billion) in the UAE as it boosts solar projects and reduces
exposure to hydrocarbons.
The energy company said developing highly efficient solar power and reverse
osmosis desalination technology will be a big part of the plan.
“TAQA has the support of our shareholders for this new strategy and is on its
way to become the recognized low carbon power and water champion from Abu Dhabi,
and this strategy sets out how the company will achieve this ambition,” said
TAQA Chairman Mohamed Hassan Al-Suwaidi. “As we emerge from the pandemic,around
the world there will be an increasing focus on the need for clean, reliable and
sustainable sources of power and water.”
Gulf national energy companies are rapidly reinventing themselves in response to
a sustained decline in oil prices and greater awareness of global warming and
the harmful impact of hydrocarbons on the environment.
Growth is expected through meeting increased power, water and network capacity
needed in its home market of the UAE, as well as from selective opportunities
internationally, the company said in a statement on the Abu Dhabi bourse.
The new strategy follows a move by the company to allow foreign investors to own
up to 49 percent of its shares.
TAQA aims to increase gross power capacity from 18GW to 30GW in the UAE, and add
up to 15GW internationally.
It will also expand highly efficient reverse osmosis technologies to make up
two-thirds of its desalination capacity by 2030 while a new renewables push will
see solar photovoltaic (PV) tcomprise more than 30 percent of its power
generation portfolio by 2030, up from the current 5 percent.
TAQA CEO Husain Thabet on Wednesday told Bloomberg that Saudi Arabia would be a
focus for the company under its new strategy.
“In terms of priorities we do have operations in the Kingdom of Saudi Arabia,”
he said. “Internationally we will be focusing on the GCC.