Oil, renewable energy and the largest submarine cable

agreement with Iberdrola Dating back to 2008 to analyze co-investments in the Middle East, North Africa and North America, it has so far been the news that Taqa can be (relatively) known about in Spain.

Abu Dhabi National Energy Companympany, commonly known as energyOne of the giants of its sector in the UAE, along with Mubadala, which controls Cepsa, and the oil company ADNOC. All three are shareholders in Masdar Renewable Energy.

The group follows in the footsteps of other Middle Eastern companies, whose countries have begun to do so Diversify your economy Due to the fact that at some point in the future oil will no longer be used at the current intensity. Investing abroad is one way.

TAQA is listed on the stock exchange – with a capitalization of €86,000 million, 37% less than Inditex, the flagship of the Ibex 35 index – but has barely made any headway. 1.4% variable capital. It first appeared on the Abu Dhabi trading floor in August 2005, two months after its founding. The rest is in the hands of the government, through the Abu Dhabi Energy Corporation (90.03%), as well as the Emirati Multiplier Group (5.1%) and other minorities (3.47%).

Activities

The group is located in Eleven countries Its activities focus on power generation, water desalination, electricity transmission and distribution, and the exploration, production, refining and marketing of oil and gas.

Several numbers – from the fiscal year 2022 – give an idea of ​​its size: production of about 123,800 barrels of oil equivalent per dayThe capacity to desalinate 4.8 million cubic meters of water per day, 29.9 gigawatts of installed power generation capacity, and 111 thousand kilometers of electricity and water transmission and distribution network.

The company has just expanded its goals for 2030, which boil down to a Faster growth and integration of Masdar City into its surroundings. The company headed by Mohammed Hassan Al Suwaidi translates into investments, and plans to spend 19,000 million euros – the published information does not specify whether with or without leverage – in the remainder of the decade: 53% on transmission and distribution networks in the UAE and the rest, in the field of Generation, primarily in Masdar City.

Renewable energy will be the cornerstone of the future energy, which hopes to reach 150 gigawatts by 2030, three times its previous target. This means changing the generation mix and renewables will increase their weight from the current 45% to 65%. The company debuted in the green bond market with a $1.5 billion issuance last year.

TAQA has a total debt of €15.5 billion, and last year it recorded adjusted EBITDA of more than €5 billion, 6% lower, as a result of… Low oil prices It reduced crude oil production by 7% because its fields in the United Kingdom began to reach the end of their production life.

From Morocco to London

One of the global projects that may make it more famous is the company Xlinks, which it intends to build Longest submarine cable In the world, which will transfer renewable energy (photovoltaic) from Morocco to the United Kingdom to provide 8% of its needs.

In its plans for 2030, TAQA plans to grow by using more desalinated water and buying companies. The 22,146 million euros 100% of The group is headed by Francisco Reines These goals will exceed TAQA's investment target for the entire decade.