The deal - which was proposed by the Abu Dhabi Energy Corporation to the Board of Directors of TAQA last February and obtained the approval of TAQA shareholders in April 2020 to transfer the ownership of most companies and assets of generation, transmission and distribution Water and Electricity, affiliated with Abu Dhabi Energy Corporation to Taqa Company, in exchange for issuing the latest 106.37 billion new shares for the Abu Dhabi Energy Corporation, according to a press release.
With the completion of this deal, TAQA, listed on the Abu Dhabi market, has become the third largest public joint stock company listed on the UAE capital markets by market value, and one of the ten largest companies For integrated facilities in the Europe, Middle East and Africa region in terms of organized assets.
Taqa currently has a production capacity of 23 gigawatts of electricity globally, and 916 million gallons per day of desalinated water, including 1.4 gigawatts of electricity generated from renewable energy sources.
In addition to the company's possession of approximately 4.4 gigawatts of electricity and 200 million gallons per day of water under development, including 2 gigawatts of electricity generated from renewable energy sources. p>
The company’s list of assets now includes 12 power generation and water production plants in the Emirates, and is the only company in Abu Dhabi responsible for transporting and distributing water and energy.
Energy also has assets in Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Kingdom, and the United States of America.
Abu Dhabi Energy Corporation will own 98.60% of the total issued shares of TAQA as a result of the completion of the transaction.
The intention to increase the float rate by offering additional shares for public subscription.
