TAQA considers major U.S. buyouts in power sector push

Abu Dhabi National Energy Company (TAQA) is actively exploring acquisitions in the United States and other international markets as part of its aggressive expansion strategy, CEO Jasim Husain Thabet revealed in an interview with Reuters.

"The U.S. is a key market for us," Thabet said, emphasizing TAQA's readiness to seize the right investment opportunities without disclosing specific targets. The statement underscores the company's focus on global growth as it aims to triple its power generation capacity to 150 gigawatts by 2030, up from 56 GW currently.

Owned 90% by ADPower, a subsidiary of Abu Dhabi’s sovereign wealth fund ADQ, TAQA has been steadily broadening its global footprint. Its renewable energy arm, Masdar, acquired a 50% stake in U.S.-based Terra-Gen last year, aligning with the UAE’s broader commitment to raise energy investments in the U.S. to $440 billion over the next decade.

The company’s strategy includes both organic and inorganic growth, with plans to spend around $20 billion by 2030. Thabet highlighted TAQA’s preference for acquiring fully integrated utilities that combine generation assets, network infrastructure, and growth pipelines.

Commenting on potential investment opportunities in Syria, Thabet said it was "too early" to make a move, though the company is closely monitoring the evolving situation following the lifting of certain U.S. sanctions that could pave the way for foreign investment.

TAQA, which raised $1.75 billion through a bond sale in October 2024, is not under immediate pressure to seek new debt but may return to capital markets if a major merger or acquisition emerges.

Addressing speculation about renewed interest in Spanish utility Naturgy, Thabet clarified that no discussions have taken place in 2025 regarding the acquisition of Criteria’s 26.7% stake. Talks were abandoned nearly a year ago, and Thabet declined to elaborate on the reasons, citing unresolved issues between the parties.

With its global ambitions firmly intact, TAQA remains a major player to watch in the evolving landscape of energy investment and utility consolidation.