Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company “Taqa” announced, on Thursday, the sale of its entire stake in “Taqa Neveli” to “MEIL Energy Private Limited”, a subsidiary of “Mega Engineering & Infrastructure Limited”.
It is a huge group of diverse companies headquartered in India.
It owns stakes in infrastructure, energy, and high-tech manufacturing facilities.
The value of the sale deal amounted to 9.26 billion Indian rupees, “approximately 387 million UAE dirhams”.
low carbon gas
Neveli Energy owns and operates the 250 MW lignite coal power plant located in Tamil Nadu, India.
As a result of this deal, Taqah will sell its entire stake in Taqah Neveli, focusing on low-carbon gas-fired power plants with highly flexible processes.
In addition to investments in the field of renewable energy through its stake in Abu Dhabi Future Energy Company “Masdar”.
Farid Al-Awlaki, CEO of the Electricity Generation and Water Desalination Business Sector at Taqa, said that this sale deal represents a targeted development for Taqa’s portfolio of power plants, as it continues to advance towards producing a more sustainable mix of electrical energy.
He noted that Energy’s broader transformation efforts are aligned with providing cleaner energy solutions, reducing emissions over the long term, and responding to dynamic changes in global energy demand, while its focus remains on developing efficient and flexible low-carbon power plants to support sustainable growth and transformation in the energy sector.
Over the past year, the electricity generation and water desalination business sector in Taqa has implemented several prominent strategic growth investments within the framework of the long-term strategy to develop pioneering low-carbon projects for electricity generation and water desalination.
It is worth noting that Energy’s clear focus is on investing in high-efficiency, low-emission technologies that support energy security, enable the integration of renewable energy, and meet the growing demand for energy in the industrial sector.
This is in line with this trend in its sale to Energy Neveli.
This allows the company to focus on technologies that enhance its efforts towards achieving its 2030 strategic goals of sustainable and profitable growth.
