The Abu Dhabi National Energy Company of the United Arab Emirates sold a 7.3% minority stake to the Multiplay Group for a value of 10 billion dirhams.
According to Arabiya Net, ADQ Holding stated yesterday that it had sold an 8.6% minority stake in TAQA to Multiplay, the Abu Dhabi Pension Fund and several other investment companies.
Taqa, which is listed on the Abu Dhabi Securities Exchange, owns a number of large investment projects in the field of power generation, water, transmission and distribution assets, in addition to its work in the field of exploration and production in the oil and natural gas sector.
TAQA's business activities extend to 11 countries, and it is planned that renewables will make up at least 30% of the company's power generation portfolio by 2030.
As a majority-owned subsidiary of ADQ Holding, and serving as its primary growth platform in the utilities sector, TAQA remains a key asset in ADQ Holding's energy and utilities portfolio, supporting its activities in accelerating the transition towards clean energy in the UAE while achieving sustainable financial returns.
