ABU DHABI (ALETIHAD)

Abu Dhabi National Energy Company (TAQA) has completed the sale of its 100% stake in TAQA Neyveli Power Company Private Limited to MEIL Energy Private Limited, an affiliate of Megha Engineering & Infrastructures Limited (MEIL), for a sale consideration of INR 9.26 billion (approximately Dh387 million).

TAQA Neyveli operates a 250-megawatt lignite-based power plant in the Indian state of Tamil Nadu. The transaction marks TAQA’s full exit from the asset and aligns with the company’s strategy to reduce its Scope 1 and Scope 2 emissions by 25% by 2030.

Farid Al Awlaqi, Chief Executive Officer of TAQA’s Generation business, said the move reflects a deliberate step in reshaping the company’s power portfolio.

“This sale represents a considered adjustment to our generation portfolio as we continue progressing towards a more sustainable energy mix,” Al Awlaqi said. “It aligns with TAQA’s broader efforts to transition towards cleaner energy solutions, reduce long-term emissions, and respond to the changing dynamics of global energy demands.”

He added that TAQA remains focused on developing “flexible, efficient, and low-carbon power generation assets that support sustainable growth and the energy transition.”

Over the past year, TAQA’s Generation business has made several strategic growth investments as part of its long-term plan to expand low-carbon power and water projects. In the UAE, the company announced an additional 1-gigawatt (GW) gas-fired capacity and is working with Masdar on a “round-the-clock” giga-project — a 1 GW integrated solar and battery energy storage system, which will become the largest of its kind once complete.

Internationally, TAQA Morocco is exploring the acquisition of a Combined Cycle Gas Turbine (CCGT) plant, alongside developing new flexible, low-carbon power generation, renewable energy, seawater desalination, and transmission infrastructure projects in the kingdom.

In Saudi Arabia, the company recently achieved financial close for the SATORP Cogeneration Plant and two gas-fired projects — Rumah 2 and Al Nairyah 2 — with a combined capacity of about 3.6GW.

TAQA’s total gross power generation capacity has grown from 21 GW in 2020 to around 70 GW as of 30 September 2025, and the company aims to reach 150 GW by 2030, with two-thirds coming from renewables through its stake in Masdar.

The company said the divestment of TAQA Neyveli supports its 2030 corporate strategy of focusing on efficient, lower-emission technologies.