Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA) fully acquired Transmission Investment (TI), a leading UK-based energy and utility investment platform, according to a press release.
The acquisition anchors TAQA's position in the offshore electricity transmission sector and fuels its commitment to backing the energy transition and growing in the UK and beyond.
Moreover, the transaction will provide TAQA with a team of more than 40 full-time employees at TI with cross-sector end-to-end technical and development capabilities.
TI is one of the largest players operating offshore transmission (OFTO) assets connecting offshore wind farms to the UK grid. It became part of TAQA Transmission, whose new brand was recently launched.
Afif Saif Al Yafei, CEO of TAQA Transmission, said: “Transmission grids are essential for enabling the global energy transition. IRENA estimates that from 2024 to 2030, around $717 billion per year must be invested in grid infrastructure and flexibility measures to align with a pathway that is compatible with a 1.5°C scenario.”
“That is why we are pleased to announce TAQA Transmission’s first international acquisition, strengthening our growing portfolio and reinforcing TAQA’s role as a global leader in low-carbon power and water solutions,” Al Yafei noted.
He elaborated: “This deal will allow us to leverage the significant capabilities of TI to support our international growth strategy while contributing to the UK’s 2050 Net Zero programme and our wider sustainability ambitions.”
Chris Veal, Founder and Managing Director of Transmission Investment, said: “The UK’s targets of 50gw of offshore wind by 2030, and net zero by 2050, require a huge expansion of offshore and onshore transmission. TI is ready to contribute to this expansion.”
TAQA and Emirates Water and Electricity Company (EWEC) recently implemented new energy infrastructure projects to advance the UAE National Strategy for Artificial Intelligence 2031.
