TAQA Fully Acquires UK’s Transmission Investment

Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities companies in Europe, the Middle East and Africa (MEA), on Thursday said that it has fully acquired Transmission Investment (TI), a leading UK-based energy and utility investment platform, which is one of the largest players operating offshore transmission (OFTO) assets connecting offshore wind farms to the UK grid.

The acquisition strengthens TAQA’s position in the offshore electricity transmission sector, reinforcing its commitment to supporting the energy transition and growing in the UK and beyond. It will also provide TAQA with a well-established team of more than 40 full-time employees at TI with cross-sector end-to-end technical and development capabilities.

TI becomes part of TAQA Transmission, whose new brand was recently launched, and which is the TAQA Group subsidiary responsible for the development and operation of TAQA’s high voltage power and bulk water transmission infrastructure.

The acquisition of TI establishes TAQA in the UK electricity transmission sector and allows expansion into European and international markets, leveraging TAQA’s leading position.

Since its founding in 2009, TI has emerged as one of the UK’s largest players in the offshore electricity transmission sector, with approximately $4.08 billion of assets under management in relation to its existing portfolio of 11 OFTO assets.

Through its consortium in partnership with Amber Infrastructure and International Public Partnerships (INPP), TI has established a strong track record of bidding for, winning and operating the OFTO assets in the UK, with an approximately 40% success rate on OFTO bids.

Last week, Ofgem appointed TI’s consortium with Amber and INPP as its preferred bidder for Moray West OFTO.TI is also one of the UK’s developers of interconnector projects, including the FAB Link Project and the LirIC Project (both the projects have been granted a cap and floor regime by Ofgem), connecting Great Britain with France and Northern Ireland through new HVDC sub-sea electricity interconnectors with an aggregate capacity of approximately 2 GW.

Recently, the LirIC Project progressed significant milestones with the energy regulators in Northern Ireland and the UK. Furthermore, TI has grid stability projects under development and is ready to make an entry into the onshore electricity transmission grid (CATO) market.

Transmission Grids Vital

TAQA Transmission CEO Dr Afif Saif Al Yafei said that the transmission grids were essential for enabling the global energy transition and IRENA estimates that from 2024 to 2030, around $717 billion per year must be invested in grid infrastructure and flexibility measures to align with a pathway that is compatible with a 1.5°C scenario.

TAQA Transmission’s first international acquisition strengthens its growing portfolio and reinforcing the company’s role as a global leader in low-carbon power and water solutions.

“This deal will allow us to leverage the significant capabilities of TI to support our international growth strategy while contributing to the UK’s 2050 Net Zero programme and our wider sustainability ambitions,” he added.

TI’s Founder and Managing Director Dr Chris Veal, who will continue to lead TI, said that TAQA’s experience, capability and backing will enable TI to continue to grow and play its part in the development of the UK transmission system in support of the energy transition.

The UK’s targets of 50 GW of offshore wind by 2030, and net zero by 2050, require a huge expansion of offshore and onshore transmission as TI is ready to contribute to this expansion.

Earlier this year TAQA Transmission and ADNOC completed laying 1,000 km of cutting-edge cables as part of their $3.8 billion strategic project to power and significantly decarbonise ADNOC’s offshore production operations. This project will result in the first-of-its-kind high-voltage direct current (HVDC) sub-sea transmission network in the MENA region.