Abu Dhabi National Energy Co, also known as Taqa, and Dubal Holding agreed to acquire Emirates Global Aluminium’s Al Taweelah power and water assets for $1.9 billion as part of a broader initiative to decarbonise aluminium production and expand renewable energy in Abu Dhabi.
Under the agreements, TAQA Transmission will acquire EGA’s electricity transmission assets, while EGA will become the largest single customer on Abu Dhabi’s electricity grid through long-term contracts with Emirates Water and Electricity Co. and TAQA, according to a statement.
The Al Taweelah facility, the emirate’s third-largest power plant, has a capacity of 3.1 gigawatts (GW) and includes 6.25 million imperial gallons per day of desalination capacity.
Emirates Global Aluminium is jointly owned by the Mubadala Investment Co. of Abu Dhabi and the Investment Corporation of Dubai. Dubal Holding is a wholly owned subsidiary of the Investment Corporation of Dubai.
