Abu Dhabi National Energy Company PJSC (TAQA) and DUBAL Holding will acquire Emirates Global Aluminium’s (EGA) water and power generation assets in a transaction valued at USD1.9B (7 billion dirhams).
The assets will be transferred into a joint venture equally owned by TAQA and DUBAL Holding, while operational responsibilities will be managed by a newly formed company jointly owned by TAQA and EGA.
The joint venture between TAQA and DUBAL Holding has also entered into a long-term power purchase agreement with Emirates Water and Electricity Company (EWEC), under which EWEC will procure electricity from the Al Taweelah facility through to 2049.
TAQA Transmission will take over EGA’s electricity transmission infrastructure.
TAQA is a diversified utilities and energy company listed on the ADX, whereas DUBAL Holding serves as the investment arm of the Investment Corporation of Dubai (ICD), the sovereign wealth fund of the Dubai government.
