PHOTO
Abu Dhabi National Energy Company PJSC (TAQA) and DUBAL Holding are set to acquire Emirates Global Aluminium’s (EGA) power and water generation assets for $1.9 billion (7 billion dirhams).
The generation assets will be held under a joint venture company with ownership shared equally between TAQA and DUBAL Holding, and operations managed by a new company jointly owned by TAQA and EGA.
The TAQA and DUBAL Holding joint venture also signed a power purchase agreement with Emirates Water and Electricity Company (EWEC) under which EWEC will purchase the power from the Al Taweelah plant until 2049.
TAQA Transmission will acquire EGA’s electricity transmission assets.
TAQA is an ADX-listed diversified utilities and energy group while DUBAL Holding is an investment arm of the Investment Corporation of Dubai (ICD), the sovereign wealth fund for the Dubai government.
(Writing by Brinda Darasha; editing by Daniel Luiz)
