Abu Dhabi’s TAQA (TAQA.AD) is actively exploring acquisition opportunities in the United States and other regions, according to its CEO, as the state-owned utility seeks to expand internationally and meet its ambitious growth objectives, reports Reuters.
“The U.S. is a key market for us,” said Jasim Husain Thabet in an interview with Reuters. “If the right opportunity presents itself for TAQA, we would be pursuing that,” he added, though he declined to name specific targets.
TAQA is majority-owned by ADPower, a subsidiary of Abu Dhabi’s sovereign wealth fund ADQ, which holds over 90% of the company. In recent years, TAQA has been stepping up investments in global projects, including those in the U.S. Its subsidiary Masdar acquired a 50% interest in American renewable energy company Terra-Gen last year.
Earlier this month, the United Arab Emirates announced plans to increase its energy sector investments in the U.S. to $440 billion over the next ten years, aligning with efforts by U.S. President Donald Trump to secure significant commercial deals during a visit to the Gulf.
TAQA has set a goal of investing approximately $20 billion from 2023 through 2030, targeting both organic and inorganic growth, and aiming to expand its power generation capacity to 150 gigawatts from the current level of around 56 GW.
Thabet noted that the company typically seeks to acquire integrated businesses that encompass generation, networks, and “a pipeline of growth.”
When asked about potential investment in Syria following the easing of U.S. sanctions, Thabet commented that it was still premature but added the company would continue to watch developments closely.
Having raised $1.75 billion through a bond offering in October, TAQA does not currently need additional debt financing. However, Thabet indicated that the company may return to capital markets if a significant acquisition opportunity arises.
