Abu Dhabi Nationwide Vitality Co. (TAQA) has expanded its stake in Taweelah B Unbiased Energy and Water Plant with an funding of 239 million dirhams ($65 million).
In a regulatory disclosure on Friday, the Abu Dhabi Securities Trade (ADX)-listed built-in utility stated it has entered into the operations and upkeep (O&M) of the Taweelah B and bought an extra stake within the plant.
TAQA accomplished its acquisition from BTU Energy Firm and its liquidators of BTU’s complete curiosity within the Taweelah B IWPP in Abu Dhabi.
“Specifically, TAQA acquired an extra 10% possession stake within the proprietor of the Taweelah B IWPP – Taweelah Asia Energy Firm, thereby rising TAQA’s total possession stake in TAPCO to 70%. As well as, TAQA acquired a 25% possession stake in Asia Gulf Energy Service Firm Restricted (the O&M contractor to TAPCO).”
The Taweelah B IWPP, owned and operated by TAPCO, has 2.2 gigawatts (GW) of gross put in energy technology capability and 162 million imperial gallons per day of gross put in water desalination capability.
(Writing by Brinda Darasha; modifying by Cleofe Maceda)