Wedoany.com Report-Apr. 22, The Abu Dhabi National Energy Company (TAQA) has acquired Transmission Investment, a UK-based company specializing in electricity transmission development and services. This move strengthens TAQA’s position in the offshore electricity transmission sector. Transmission Investment manages assets valued at approximately Dh15 billion ($4 billion) and has a strong presence in the UK’s offshore transmission market.
TI’s acquisition provides TAQA with an established team and the potential to expand into European and global markets.
The acquisition integrates Transmission Investment into TAQA Transmission, a subsidiary focused on developing and operating high-voltage power and bulk water transmission infrastructure. This strategic step equips TAQA with an experienced team and opportunities to expand into European and global markets.
Afif Saif Al Yafei, CEO of TAQA Transmission, emphasized the importance of transmission grids in supporting sustainable energy goals: “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.” He added: “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 achieved a 40% success rate in competitive Offshore Electricity Transmission (OFTO) bids in the UK. Recently, in collaboration with Amber Infrastructure and International Public Partnerships, the company was selected by Ofgem as the preferred bidder for the Moray West OFTO project. Additionally, Transmission Investment is advancing interconnector projects, including the FAB Link and LirIC, which aim to connect Great Britain with France and Northern Ireland.
Chris Veal, founder and managing director of Transmission Investment, will continue to lead the company. He stated: “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.” Veal highlighted the UK’s goals of 50 gigawatts of offshore wind by 2030 and net zero by 2050, noting: “TI is ready to contribute to this expansion… cost-effectively for UK consumers, while ensuring safety and acting responsibly towards society and the environment.”
Earlier this month, TAQA partnered with the Emirates Water and Electricity Company to develop new energy infrastructure projects, aligning with the UAE’s National Strategy for AI 2031. This acquisition and recent collaborations underscore TAQA’s commitment to advancing sustainable energy solutions globally.
