Abu Dhabi(UAE), 18/08/23: A report on Friday stated that, Abu Dhabi National Energy Co. PJSC (TAQA) is considering to invest in Gautam Adani’s power companies, which range from thermal generating to clean energy and green hydrogen.
According to The Economic Times report, TAQA is looking to invest $1.5-2.5 billion in Adani Group enterprises or in a single entity. TAQA is a worldwide energy and water corporation that is listed on the Abu Dhabi Securities Exchange (ADX). It operates in 11 countries across four continents.
TAQA, the ADX’s second largest stock, is reportedly interested in acquiring a stake of up to 19.9 percent in Adani Group enterprises through a combination of main infusion and secondary purchase of shares from promoter family entities.
Adani Energy Solutions is currently valued at Rs 91,660 crore, with promoters holding 68.28% of the company. A near 20% share would need an investment of ₹18,240 crore ($2.19 billion) at current pricing. The stock closed at ₹821.70 on Thursday.
According to the article, both parties are trying to form a strategic alliance and collaborate on projects in North Africa and West Asia.
TAQA was founded in 2005 and invests in power production, transmission and distribution assets, as well as upstream and midstream oil and gas operations. Its assets are located in the UAE, Saudi Arabia, Canada, Ghana, India, Iraq, Morocco, Oman, the Netherlands, the United Kingdom, and the United States.
TAQA can obtain a firm presence in this fast rising market by working with Adani, a key leader in the Indian power sector.
