Abu Dhabi – Mubasher Abu Dhabi National Energy Company (TAQA) and Dubal Holding aim to acquire Emirates Global Aluminium’s(EGA) assets in Al Taweelah power plant for $1.90 billion (AED 7 billion), according to a press release.
The two entities penned several agreements with Emirates Water and Electricity Company (EWEC) to decarbonize EGA’s production and expand renewable and clean energy development in Abu Dhabi.
Meanwhile, the partnership will boost TAQA and Dubal Holding’s growth strategies, making EGA a leader in the global aluminum industry’s drive to net zero by 2050.
The Al Taweelah power plant has a power capacity of 3.1 gigawatts (GW), is the third largest in Abu Dhabi, and includes 6.25 million imperial gallons per day of desalination capacity.
It utilizes high-efficiency combined-cycle gas turbines and reverse osmosis desalination technology.
Following the transaction, the assets will be held under a joint venture (JV) company, with ownership shared equally between TAQA and Dubal Holding.
Meanwhile, the operations will be managed by a new operations and maintenance company jointly owned by TAQA and EGA.
The JV signed a power purchase agreement with EWEC, under which the latter will secure the power from the Al Taweelah plant until 2049. The plant will provide flexible power supply, fostering the continued integration of renewables and clean energy into the Abu Dhabi grid.
Abdulla Humaid Al Jarwan, Chairman of the Abu Dhabi Department of Energy, said: “These agreements demonstrate Abu Dhabi’s approach in action - delivering reliable and sustainable energy to enable the growth of a manufacturing industry, while minimizing carbon footprint.”
On his part, Abdulnasser bin Kalban, CEO of EGA, commented: “For our global customers, it significantly increases the availability of low-carbon ‘premium aluminium’, strengthening the role of our metal as an essential material to make modern life possible.”
Jasim Husain Thabet, Group CEO and Managing Director of TAQA, highlighted: “The acquisition of EGA’s Al Taweelah power assets enhances our portfolio and supports our 2030 ambition of reaching 150 GW of power generation capacity globally.”
TAQA recently sold its entire stake in TAQA Neyveli Power Company Private Limited to India-based MEIL Energy Private Limited for AED 387 million.
