Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA) and Emirates Water and Electricity Company (EWEC) jointly developed and implemented new energy infrastructure projects to advance the UAE National Strategy for Artificial Intelligence 2031, as well as the UAE Net Zero by 2050 initiative.
TAQA inked a 24-year power purchase agreement (PPA) with EWEC to build, own, and operate the 1-gigawatt (GW) Al Dhafra Open-Cycle Gas Turbine (OCGT) project in the UAE, according to a press release.
The ADX-listed company fully leads the OCGT project, taking over the operation and maintenance (O&M) works of the plant.
Moreover, TAQA Transmission, part of TAQA Group, will develop advanced power grid infrastructure to integrate the additional generation capacity to new sources of energy demand. This move will secure access to reliable power with a low carbon footprint.
The projects will support the recently announced EWEC and Masdar world-first project that will enable renewable energy to be dispatched 24 hours a day seven days a week.
Furthermore, the collaboration will drive investment of around AED 36 billion in energy supply infrastructure in Abu Dhabi, with around 75% of that to be invested in renewable and conventional power generation.
The remaining 25% will be invested in grid infrastructure, which will be added to the regulated asset base and will receive the regulated return.
Jasim Thabet, Group CEO and Managing Director of TAQA and Vice Chairman of Masdar, commented: “Providing reliable low-carbon power plays an important role in enabling the global energy transition.”
Ahmed Ali Alshamsi, CEO of EWEC, said: “By creating a future-ready energy framework that integrates next-generation renewable energy technologies and advanced transmission solutions, this collaboration is setting a new global benchmark for sustainable energy systems that balances sustainability with operational excellence.”
“As the UAE transitions into an AI-powered future, we are creating the foundation for a future where advanced technologies can flourish, while meeting the country’s forward-thinking environmental and economic goals,” Alshamsi mentioned.
At the end of December 2024, TAQA’s net profits amounted to AED 7.33 billion, an annual surge from AED 16.82 billion.
