Abu Dhabi National Energy Company (TAQA) announced plans to increase its renewable energy assets, in a shift away from reliance on oil. It plans to invest AED40 billion ($10.9 billion) in UAE.
TAQA will generate more than 30 percent of its power from renewable sources by 2030, compared with 5 percent currently.
The company also plans to expand its power-generation capacity in the UAE from 18 gigawatts to 30 gigawatts. It intends to boost its global generating capacity by 15 gigawatts.
TAQA operates oil and gas assets in North America and Iraq, and electricity assets in Morocco. This year, it took control of power generation assets of an Abu Dhabi state-owned firm.
The investment was announced as part of a new 2030 strategy.
The new strategic plan places at its core the global acceleration of the energy transition, and TAQA’s ambition to become a champion for low carbon power and water.
Growth is expected through meeting increased power, water, and network capacity needed in its home market of the UAE, as well as from selective opportunities internationally.
TAQA’s business will be anchored in ESG principles and practices. As part of that commitment, the company is working to develop and publish greenhouse gas emission reduction targets.
Chairman Mohamed Al Suwaidi said, “TAQA has the support of our shareholders for this new strategy and is on its way to becoming the recognized low carbon power and water champion from Abu Dhabi."
He added that “this strategy sets out how the company will achieve this ambition. As we emerge from the pandemic, around the world there will be an increasing focus on the need for clean, reliable, and sustainable sources of power and water.”
"TAQA is uniquely positioned to use its platform to play a key part in meeting Abu Dhabi's own ambitions in this space, as well as taking its expertise to international markets where it can add value," Suwaidi said.
For his part, Group Chief Executive and Managing Director Jasim Thabet said, “TAQA will become a champion for low carbon power and water.”
“We will expand our portfolio of renewables and highly efficient water desalination, drive efficiency in our networks and distribution business and invest in growing the UAE regulated asset base,” he added.
