Abu Dhabi energy giant Taqa has unveiled is set to invest 40 billion dirhams ($10.88 billion) in the UAE as it boosts solar projects and reduces exposure to hydrocarbons.
The energy company said developing highly efficient solar power and reverse osmosis desalination technology will be a big part of the plan.
“TAQA has the support of our shareholders for this new strategy and is on its way to become the recognized low carbon power and water champion from Abu Dhabi, and this strategy sets out how the company will achieve this ambition,” said TAQA Chairman Mohamed Hassan Al-Suwaidi. “As we emerge from the pandemic,around the world there will be an increasing focus on the need for clean, reliable and sustainable sources of power and water.”
Gulf national energy companies are rapidly reinventing themselves in response to a sustained decline in oil prices and greater awareness of global warming and the harmful impact of hydrocarbons on the environment.
Growth is expected through meeting increased power, water and network capacity needed in its home market of the UAE, as well as from selective opportunities internationally, the company said in a statement on the Abu Dhabi bourse.
The new strategy follows a move by the company to allow foreign investors to own up to 49 percent of its shares.
TAQA aims to increase gross power capacity from 18GW to 30GW in the UAE, and add up to 15GW internationally.
It will also expand highly efficient reverse osmosis technologies to make up two-thirds of its desalination capacity by 2030 while a new renewables push will see solar photovoltaic (PV) tcomprise more than 30 percent of its power generation portfolio by 2030, up from the current 5 percent.
TAQA CEO Husain Thabet on Wednesday told Bloomberg that Saudi Arabia would be a focus for the company under its new strategy.
“In terms of priorities we do have operations in the Kingdom of Saudi Arabia,” he said. “Internationally we will be focusing on the GCC.