Today's Edition
SARA ALZAABI (ABU DHABI)
The Abu Dhabi National Energy Company’s (TAQA) acquisition of Madrid-based GS Inima Environment — a global leader in water treatment and desalination — marks a major milestone in both expanding TAQA’s international presence and achieving its sustainability goals, a top company official told Aletihad.
TAQA recently signed an agreement to acquire a 100% stake in GS Inima in a $1.2 billion deal, which is expected to close before the end of 2026.
In an interview with Aletihad, Jasim Husain Thabet, TAQA’s Group CEO and Managing Director, said the acquisition would enhance the company’s global operational scale and deepen its expertise across the water value chain — from desalination to wastewater treatment and reuse.
“GS Inima is a global leader in water treatment and water desalination. The acquisition expands TAQA’s water asset portfolio by eight countries, taking our footprint to 10,” Thabet said.
The scale is significant, he added. “GS Inima brings around 50 projects, with the majority supported by long-term concession agreements that provide secure and predictable cash flows. It also adds 171 MIGD of desalination capacity and 572 MIGD of wastewater and industrial water treatment capacity.”
GS Inima delivers 1.2 million cubic metres of drinking water and 2.6 million cubic metres of wastewater treatment capacity per day, generating €389 million in revenue and €106 million in EBITDA in 2024.
Thabet noted that the acquisition also supports TAQA’s long-term sustainability goals.
“[It] places us firmly on track to deliver on our 2030 water targets, including our goal for two-thirds of desalination to come from reverse osmosis,” he said.
The GS Inima acquisition is a “transformational step” in TAQA’s water strategy. “Our ambition remains clear: to be a low-carbon power and water utility champion that delivers essential services reliably, both at home and in markets where we can make a long-term impact.”
TAQA’s financial strength supports its strategic expansion. In the first half of 2025 alone, the company reported Dh3.7 billion in net income and Dh28.4 billion in revenue.
“We entered 2025 with focus, discipline, and a clear ambition to build a global utility leader that delivers consistent value while evolving to meet future demand,” Thabet said.
“Behind the numbers is a story of balance and forward planning. While global headwinds shaped the operating environment, our diversified portfolio and stable regulated returns allowed us to stay on course.”
TAQA’s global expansion is driven with a purpose, Thabet said. “Each move reflects a clear ambition to grow in markets where our expertise can make a lasting impact, while staying disciplined in how and where we invest.”
He pointed to major milestones: “In Morocco, we signed landmark agreements that bring together investments in an efficient gas-fired power plant, renewables, desalination, and transmission networks, representing up to Dh52 billion in potential investment.
"In Uzbekistan, our acquisition, in partnership with Mubadala, of the 875MW Talimarjan power complex gives us immediate operational scale in a fast-growing economy. Meanwhile, in the UK, our acquisition of Transmission Investment, which manages Dh15 billion in assets, places TAQA at the heart of the offshore transmission sector.”
With GS Inima, he added, TAQA extends its water footprint into Europe, the Americas, and Asia.
“This acquisition not only strengthens our technical capabilities in desalination, wastewater treatment, but also broadens our global platform at a time when water security is a defining challenge,” Thabet said.
Supporting Energy Transition
In the UAE, TAQA is aligning projects with Abu Dhabi’s energy transition agenda.
“At Shuweihat 1, we are reconfiguring the plant into a flexible reserve power generation asset, supporting grid stability and renewable integration. At Al Dhafra, we are adding 1GW of dispatchable power capacity through a flexible gas-fired plant under a 24-year PPA. This will complement Masdar’s solar and battery storage, ensuring round-the-clock renewable generation backed by reliable capacity,” Thabet said.
He noted that TAQA invested Dh5.2 billion in the first half of 2025, with nearly 80% of its Dh75 billion programme through 2030 dedicated to the energy transition.
“We are directing capital toward projects that create lasting value; expanding reverse osmosis desalination, modernising grid infrastructure, and adding flexible, lower-carbon power generation capacity,” said Thabet.
This investment, he stressed, doesn’t come at the expense of shareholder returns. “Our balance sheet remains a pillar of strength, and we upheld our dividend policy in the first half. We also secured a Dh8.5 billion corporate term loan facility, aligning with our cash flow and capital planning needs.”
TAQA is deliberately reducing its reliance on oil and gas. “This shift reflects the strategic direction in our 2030 strategy—to move toward lower-carbon, infrastructure-led earnings that are more stable and future-aligned. Today, around 90% of TAQA’s EBITDA comes from regulated or long-term contracted assets, and as our portfolio grows, that share will only increase,” Thabet said.
