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.
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.
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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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