Abu Dhabi National Energy Company (TAQA) is exploring acquisition opportunities in the United States as it follows its strategy of international growth.
Jasim Husain Thabet, Group Chief Executive Officer and Managing Director, told Reuters in an interview that Abu Dhabi’s integrated utilities company was keen on targets in the US. It’s a move that aligns with the UAE government’s assurance to President Donald Trump that it would increase its energy investments in the USA from US$70 billion currently to US$440 billion by the end of 2035.
Without disclosing any target, Thabet said: “The US is a key market for us. If the right opportunity presents itself for TAQA, we would be pursuing that.”
Masdar, which is jointly owned by TAQA along with ADNOC and Mubadala Investments, recently acquired a 50 per cent stake in the US-based Terra-Gen, which has a proven track record of developing, owning and operating assets across a large and diverse set of renewable technologies. Terra-Gen currently operates approximately 2.4 GW of wind and solar, and 5.1 GWh of energy storage facilities across 32 renewable power sites throughout the US.
TAQA aims to spend around US$20 billion between 2023 and 2030 on organic and inorganic growth, aiming for 150 gigawatts of capacity by the end of that period, up from around 56 GW now.
Thabet told Reuters that TAQA would generally prefer to acquire a fully integrated company with generation, networks and a pipeline of growth.
