Abu Dhabi National Energy Company, TAQA revealed a 10Y strategy that involves an AED 40bn ($10.9bn) additional investment to grow its UAE regulated asset base. In its 2030 Vision, TAQA said that it will aim for sustainable and profitable growth avenues to accelerate energy transition and become a leader for low carbon power and water. This would include meeting increased power, water and network capacity needs in UAE and select global opportunities. The company plans to increase capacity from 18 GW to 30 GW in the UAE and up to 15 GW internationally. Further, it plans to focus on renewable energy, specifically solar, to account for more than 30% of its power generation portfolio by 2030, up from 0.5% currently.
“This strategy sets out how we are going to deliver on this promise and our vision for the future. We will build on our strengths and use the unique position we have in Abu Dhabi as a platform for growth in the UAE and internationally”, CEO Jasim Husain Thabet said. Taqa’s bonds were slightly lower with their 4.875% 2030s down 0.2 to 119.7, yielding 2.44%.
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