The Abu Dhabi National Energy Company (TAQA) has acquired Transmission Investment, a UK-based electricity transmission development and services company, to bolster its presence in the offshore electricity transmission sector.
Transmission Investment manages assets worth approximately Dh15bn ($4bn) and has a track record in the UK offshore transmission sector.
Go deeper with GlobalData
The acquisition provides TAQA with an established team and the potential to expand into European and global markets.
Transmission Investment will become part of TAQA Transmission, TAQA’s subsidiary responsible for the development and operation of the company’s high-voltage power and bulk water transmission infrastructure.
TAQA Transmission CEO Afif Saif Al Yafei said: “Transmission grids are essential for enabling the global energy transition. IRENA estimates that from 2024 to 2030, around $717bn per year must be invested in grid infrastructure and flexibility measures to align with a pathway that is compatible with a 1.5°C scenario.
“That is why we are pleased to announce TAQA Transmission’s first international acquisition, strengthening our growing portfolio and reinforcing TAQA’s role as a global leader in low-carbon power and water solutions. This deal will allow us to leverage the significant capabilities of TI to support our international growth strategy while contributing to the UK’s 2050 Net Zero programme and our wider sustainability ambitions.”
Transmission Investment has a 40% success rate in Offshore Electricity Transmission (OFTO) bids.
The company, in partnership with Amber Infrastructure and International Public Partnerships (INPP), was recently selected by Ofgem as the preferred bidder for the Moray West OFTO.
Transmission Investment is also developing interconnector projects, such as the FAB Link and LirIC, which aim to connect Great Britain with France and Northern Ireland.
Transmission Investment founder and managing director Chris Veal will continue to lead TI, ensuring its ongoing performance and growth.
Veal said: “We are pleased that TAQA has acquired Transmission Investment. TAQA’s experience, capability and backing will enable TI to continue to grow and play its part in the development of the UK transmission system in support of the energy transition.
“The UK’s targets of 50GW of offshore wind by 2030, and net zero by 2050, require a huge expansion of offshore and onshore transmission. TI is ready to contribute to this expansion. As a leader in the delivery of competitive UK transmission, we are committed to doing so cost-effectively for UK consumers, while ensuring safety and acting responsibly towards society and the environment.”
Earlier this month, TAQA and the Emirates Water and Electricity Company (EWEC) agreed to develop and implement new energy infrastructure projects, supporting the UAE’s National Strategy for AI 2031.
