RIYADH: Abu Dhabi National Energy Co. — also known as TAQA — along with Dubal Holding and Emirates Water and Electricity Co. have announced a joint venture to acquire the power generation assets of Emirates Global Aluminium.
The deal is in line with UAE’s plan to expand clean energy, enabling Abu Dhabi to develop its solar power generation capacity significantly further, as well as optimize its energy assets, TAQA said in a statement.
TAQA and Dubal Holding intend to acquire 50 percent each of EGA's electricity generation assets in the UAE.
As part of a long-term power purchase agreement, energy generated from the assets would be sent to the grid through EWEC's load despatch center.
The long-term supply agreement will see EGA become EWEC’s largest electricity consumer.
“Working together with EGA, Dubal Holding and EWEC, we will enable EGA to connect to a diverse energy mix as well as allow for the development of additional renewable energy projects in Abu Dhabi,” Jasim Thabet, CEO and managing director of TAQA.
