UAE’s Taqa Looks at Acquisitions to Boost Power Business - Bloomberg
Abu Dhabi’s biggest utility is looking at acquisitions to grow its power business and should conclude a review into selling oil and gas assets by the end of March.
“We are in the market,” Jasim Husain Thabet, chief executive officer of Abu Dhabi National Energy Co., said to Bloomberg Television when asked about power and water investments. “We have an ambitious growth strategy and we have the cashflow and balance sheet to support that. We will be exploring all opportunities for organic and inorganic growth.”
He declined to comment on whether the company, known as Taqa, is still weighing an investment in Masdar, a renewable-energy producer owned by Abu Dhabi sovereign wealth fund Mubadala.
Taqa wants to increase its power capacity in the United Arab Emirates to 30 gigawatts from 18 GW, he said. It’s also looking to build 15 GW abroad.
The company is considering selling its oil and gas assets in the Netherlands, the U.K, Iraqi Kurdistan and Canada.
“We should be a position toward the end of the first quarter to conclude that review and convey that message to the market,” Thabet said. “We’re focusing on becoming a power and water company. Oil prices and commodity prices -- we’re trying to move away from that.”
On Wednesday, Taqa reported net income for the third quarter of 1.4 billion dirhams ($381 million), double the amount from a year earlier.
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