- Taqa plans to invest AED 40 billion to increase its gross power capacity to from 18 GW now to 30 GW by 2030, and add up to 15 GW globally
- Main focus will be on solar PV technology among renewables, as it aims to lower its exposure to hydrocarbons
- Company plans to also invest on expanding highly efficient reverse osmosis technologies
Abu Dhabi based energy company Taqa has unveiled a vision to accelerate its energy transition to low carbon and water for which it estimates an investment of AED 40 billion ($11 billion). The idea is to lower its exposure to hydrocarbon sector while focusing on commercially viable opportunities.
Among main highlights of the strategic plan is to increase its gross power capacity from 18 GW now to 30 GW by 2030 in the UAE, and add up to 15 GW internationally. Main focus will be on solar PV technology which along with other renewable energy sources is planned to comprise more than 30% of the power generation portfolio by the target year, up from current 5%.
It also plans to expand the highly efficient reverse osmosis technologies to make up 2/3rd of its desalianation capacity by 2030 with 200 million imperial gallons per day (MIGD) already under construction. The company claims to have a strong pipeline of existing projects.
To pursue its strategy, Taqa said it has the support of its shareholders. “As we emerge from the pandemic, around the world there will be an increasing focus on the need for clean, reliable and sustainable sources of power and water,” said Taqa Chairman Mohamed Hassan Al Suwaidi.
Taqa is one of the 4 companies that will build 2 GW Al Dhafra PV2 Solar Project in Abu Dhabi along with EDF Renewables, Jinko Power HK and Masdar. They raised around $1 billion from 7 international lenders for the project in December 2020 (see Financial Closure For 2 GW Abu Dhabi Solar Project).