The Abu Dhabi National Energy Company (TAQA) has signed an agreement to co-operate on joint developments with National Power Company (NPC), an affiliate of the Al-Zamil and El-Seif Groups, regional investment groups based in the Kingdom of Saudi Arabia.
According to a joint statement the companies will be aiming to invest in the Saudi Arabian regional power and water sectors, as well as eyeing potential investments in the industrial sector. The venture will be managed through a steering committee.
“We are certain that today’s announcement marks the beginning of a strong collaboration, given our mutual understanding of the energy assets which are critical to regional growth,” said Peter Barker-Homek, CEO of TAQA.
“The two companies have a long track record of successful energy projects in the GCC and beyond, and we are already in the process of screening and evaluating specific opportunities.”
“The economic growth that the region is experiencing has to be underpinned by a robust portfolio of power and water desalination operations,” said Abdul Rahman Al-Zamil, chairman of NPC’s board.
“Our combined experience within the region, and globally, provides us with unparalleled operational insight that can be rapidly brought to bear.”
No capital commitment has been made yet, though options are under consideration.
The move to form the joint venture is part of TAQA’s ongoing expansion of its energy assets and related power output. Although the company has not quoted any specific growth targets, Barker-Homek has indicated that he would like to see the company’s 10 000 MW of power output growing to 16 000 MW over the next 2-3 years.
