Abu Dhabi National Energy Company (TAQA) has announced the acquisition of the UK-based energy and utility investment platform Transmission Investment (TI), a player in the operating offshore transmission (OFTO) market, with assets connecting offshore wind farms to the UK grid.
TI has AED 15 billion ($4.08 billion) of assets under management based on its existing portfolio of 11 OFTO assets. The acquisition is expected to help TAQA expand its capabilities in offshore transmission services and infrastructure development, allowing for expansion into European and international markets.
Financial details of the acquisition have not been disclosed.
TI will become a part of TAQA Transmission, the recently launched subsidiary of the TAQA Group, responsible for the development and operation of the parent company’s high voltage power and bulk water transmission infrastructure.
Earlier this year, TAQA Transmission also partnered with the ADNOC to complete laying 1,000 kilometres of cables as part of their $3.8 billion project to power and decarbonise the state-backed energy giant’s offshore production operations.
(Writing by Bindu Rai, editing by Seban Scaria)
