Abu Dhabi National Energy Co. PJSC (TAQA), an integrated utilities company across European, West Asian, and African, is reportedly considering a substantial investment in Gautam Adani‘s diversified power businesses.

What Happened: The Adani power business ranges from thermal generation to transmission, clean energy, and green hydrogen. TAQA aims to deploy between $1.5 billion to $2.5 billion (₹12,464 crore to ₹20,773 crore) into various Adani Group firms, particularly Adani Energy Solutions, formerly Adani Transmission, the Economic Times reported, citing sources.

TAQA is eyeing a potential stake of up to 19.9% through a combination of primary infusion and secondary share purchases from promoters. Both parties reportedly agree that Adani Energy Solutions, valued at ₹91,660 crore, presents the best opportunity for a strategic alliance in North Africa and West Asia.

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The Larger Play: The Abu Dhabi-based firm’s intent would align with its efforts to expand its footprint in India. The company’s existing presence includes a 250-megawatt lignite-based thermal power plant in Tamil Nadu, operating in collaboration with the state’s power distribution firm.

It has previously explored various Indian private utilities. Adani Energy Solutions, holds a prominent position in the tariff-based competitive bidding projects and the transmission sector. The company’s strategic assets, including Mumbai’s transmission and distribution business, present growth avenues.

TAQA’s financial diligence is expected over the next few months, culminating in a finalised deal structure.

The energy company on Thursday said that it had initiated arbitration proceedings against Gujarat Energy Transmission Corporation Limited (GETCO) and entered into definitive documents with Megha Engineering & Infrastructures Limited for the acquisition of KPS 1 Transmission Limited, sending shares up 3%. 

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