Abu Dhabi National Energy Company, or Taqa as it is known, has reiterated its commitment to invest Dh40 billion ($10.9 billion) in infrastructure development as it focuses on its energy push renewables, the managing director and chief executive of his group said on Monday.
The company is also building the largest gas-fired power plant in the UAE, the Fujairah F3 Independent Power Producer (IPP) project, which will have a power generation capacity of 2.4 gigawatts, Jasim Thabet said at the Summit on Abu Dhabi’s sustainability.
“We are committed to investing 40 billion dirhams in networks, electricity and water for the future,” he said during a panel titled Business Transformation: Harnessing the Power of Nature for a Sustainable Future.
Last April, Taqa announced its 2030 strategy, which involves investing $10.9 billion in infrastructure development as it seeks to add about 27 gigawatts of power capacity and expand its renewable energy portfolio.
Asked how reducing energy consumption could lead to more efficiency in industry, Mr Thabet said: “Efficiency is us deploying more renewable solar projects.”
In addition to its Noor Abu Dhabi solar power project, Taqa is constructing the Al Dhafra Solar PV Power Plant, which has a capacity of 2 gigawatts and will overtake Noor Abu Dhabi to become the largest single-site PV power plant in the world upon completion. .
“I’m really focusing on the arrival of solar and the connection of the Barakah nuclear power plant to the transmission network. There are more opportunities to decouple power and water and focus on water desalination, which is really a big component of UAE electricity consumption,” Mr. Thabet.
Earlier on Monday, Taqa, together with Emirates Water and Electricity Company, raised $700.8 million through its first green bond as it diversifies funding sources to include sustainable financing for projects.
Taqa will use proceeds from the deal to refinance existing debt of Sweihan PV Power Company, the entity created to build, own and operate the Noor Abu Dhabi solar power project, it said in a statement.
Due in 2049, the bonds offer a coupon of 3.625% and are expected to be rated BBB+/Baa1 by S&P and Moody’s, respectively. The deal was 1.8x oversubscribed with local, regional and international investors placing total orders of $1.26 billion, the company said.
Updated: January 17, 2022, 8:55 p.m.