Today's Edition
ABU DHABI (WAM)
Abu Dhabi National Energy Company (TAQA) has reported its earnings for the three-month period ending March 31, 2025.
TAQA delivered a 3.8 percent year-on-year revenue growth, reaching Dh14.2 billion, primarily driven by higher pass-through items in Transmission and Distribution (T&D).
While TAQA reported topline growth, EBITDA declined by 6.7 percent to Dh5.3 billion and net income fell by 1.5 percent to Dh2.1 billion.
Through its leading stake in Masdar, TAQA made significant strides in expanding its global renewable portfolio in Q1. Masdar’s Saeta Yield platform acquired the 243 MW Valle Solar project in Spain.
Also, in Spain, Masdar reached an agreement to acquire a 49.99 percent stake in four of Endesa S.A.’s solar assets, totalling 446 MW, pending regulatory approvals.
Additionally, Masdar is developing the world’s first giga-scale 'round-the-clock' renewable project in Abu Dhabi, combining 5.2 GW of solar capacity with 19 GWh of battery storage to deliver 1 GW of continuous clean energy.
In April, TAQA and Emirates Water and Electricity Company (EWEC) announced the signing of a major power purchase agreement for the 1 GW Al Dhafra Thermal plant alongside major investments in new grid infrastructure.
These projects are being developed in parallel to Masdar’s ‘round-the-clock’ initiative and all of them together will play a key role in providing the power needed to advance the UAE’s AI Strategy for 2031.
The Al Dhafra Thermal plant will provide efficient, flexible and easily dispatchable capacity and will be fully owned and operated by TAQA.
TAQA Transmission will integrate the additional gas and renewables capacity into the grid with state-of-the-art transmission infrastructure that will deliver the energy and stability required for high-performance computing and other advanced digital infrastructure.
Combined, these projects will require investment of around Dh36 billion in the coming years.
