TAQA Acquires Spain’s GS Inima for $1.2 Billion

Abu Dhabi National Energy Company (“AQA), one of the largest listed integrated utilities in Europe, the Middle East and Africa, has announced that it has signed an agreement to acquire a 100% interest in GS Inima, a global leader in water treatment and water desalination, from GS Engineering & Construction, for $1.2 billion.

The transaction, a pivotal step in TAQA’s strategy to establish a world-class, integrated global water platform, will bring the Madrid-based GS Inima fully into TAQA’s ownership and significantly accelerate the Group’s international water growth strategy, TAQA said in a bourse filing on Sunday.

GS Inima operates approximately 50 active projects, including approximately 30 long-term public-private partnerships (PPPs), across a portfolio spanning water desalination and water treatment (including industrial water and wastewater treatment technologies).

With a presence in ten countries, including Spain, Brazil, Mexico, the US and Oman, the company provides TAQA with immediate access to high-growth markets across Europe, Latin America, and Asia, reinforcing its position as a leading international utility.

The acquisition will immediately add approximately 171 million imperial gallons per day (MIGD) of desalination capacity to TAQA’s 1,250 MIGD portfolio, and helps advance its goal to source two-thirds of its water desalination capacity from energy-efficient reverse osmosis (RO) technology by 2030 through the addition of RO plants.

GS Inima’s integrated offering across the water value chain will contribute an additional 1.2 million cubic meters per day (264 MIGD) of drinking water capacity and 2.6 million cubic meters per day (572 MIGD) of wastewater and industrial water treatment capacity to TAQA’s global water platform, as well as a water management business serving 1.3 million inhabitants.

GS Inima is expected to contribute to TAQA’s financial performance, with strong additions to EBITDA upon closing. In 2024, the company generated annual revenue of approximately $455.34 million and EBITDA of $124.08 million, reinforcing the quality and scale of earnings that TAQA expects to add to its portfolio.

The majority of the company’s portfolio (excluding EPCm portion) operates under long-term concession agreements that include inflation-adjustment mechanisms, offering stable and predictable cash flows.

In addition, GS Inima’s advanced digital technologies and focus on R&D will unlock long-term value by enhancing TAQA’s operational efficiencies and technical capabilities across its water platform, the company said in the filing.

The integration strengthens TAQA’s ability to scale smart water infrastructure and complements the Group’s broader strategy of expanding operational capabilities through a combination of project wins and targeted acquisitions.

Transformational Step

TAQA’s Group CEO and Managing Director Jasim Husain Thabet said that this acquisition represents a transformational step in TAQA’s growth and water strategy.

“GS Inima brings proven operational and technical strength on a global scale, and we are proud to welcome them into the Group. Together, we will accelerate our ambition to become a leading international water player, expanding our reach and capabilities across strategic growth markets in the Middle East, Europe, and the Americas, while delivering innovative, low-carbon water solutions to communities around the world,” Thabet added.

The acquisition builds on momentum from the past 12 months, during which TAQA took significant steps to broaden its water capabilities both at home and abroad. Domestically, the Group expanded its presence in wastewater and recycled water through the acquisition of Sustainable Water Solutions Holding, now operating as TAQA Water Solutions.

Internationally, TAQA has committed to large-scale infrastructure projects that advance long-term water security, including several developments projects in Morocco and Uzbekistan. These initiatives have reinforced TAQA’s commitment to enabling long-term water security in high-priority markets, while also expanding its global footprint.

The transaction is subject to regulatory approvals and other closing conditions, customary for a transaction of this nature and is expected to close in 2026.