Abu Dhabi’s state-owned utility TAQA targets US energy sector expansion
The Abu Dhabi National Energy Company (TAQA) is exploring acquisition opportunities in the US and other regions to expand its international presence and meet its growth targets, as reported by Reuters.
ADPower, a subsidiary of Abu Dhabi sovereign wealth fund ADQ, holds a little over 90% of TAQA, which has been diversifying its investments in various markets, including the US.
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CEO Jasim Husain Thabet stated: “If the right opportunity presents itself for TAQA, we would be pursuing that.”
In 2024, TAQA’s Masdar unit acquired a 50% stake in US renewable energy company Terra-Gen.
The UAE has recently announced plans to increase its energy investments in the US to $440bn by 2034, aligning with US President Donald Trump’s objectives to secure significant business agreements during his May 2025 Gulf tour.
TAQA has outlined a strategy to invest $20bn between 2023 and 2030 in both organic and inorganic growth, to expand its capacity to 150GW from the current 56GW.
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By GlobalDataThabet expressed a preference for acquiring fully integrated companies that include generation, networks and a growth pipeline.
While TAQA is monitoring potential investment opportunities in Syria following the lifting of US sanctions, Thabet considers it too early to commit but remains watchful of the evolving situation.
Following a successful bond sale in October 2024 which raised $1.75bn, TAQA is not in immediate need of additional debt but may consider market options if a significant merger and acquisition (M&A) deal arises.
Contrary to a news report from March 2025, Thabet confirmed that TAQA has not engaged in discussions with shareholders of Spanish utility Naturgy about acquiring a stake, following abandoned talks in summer 2024.
Thabet did not give details of the reasons for the breakdown of negotiations with investor Criteria over its 26.7% stake in Naturgy.
In April 2024, TAQA acquired Transmission Investment, a UK-based electricity transmission development and services company, to expand its presence in the offshore electricity transmission sector.
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