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TAQA Completes Acquisition of SWS Holding

 

Acquisition expands TAQA’s portfolio, further strengthening its capabilities to deliver high-quality water treatment solutions

Integration of SWS Holding adds significant asset value and further enhances TAQA’s predictable cashflow profile and earnings

04 September 2024, Abu Dhabi, UAE: Abu Dhabi National Energy Company PJSC (“TAQA”), one of the largest listed integrated utilities in Europe, Middle East and Africa, today announced the completion of its agreement to acquire Sustainable Water Solutions Holding Company (“SWS Holding”). TAQA has finalised the acquisition of all outstanding shares of SWS Holding for AED 1.7 billion.

SWS Holding owns Abu Dhabi Sustainable Water Solutions Company (“ADSWS”), which was established in 2005, and is the sole entity responsible for wastewater collection and treatment as well as production of recycled water in the Emirate of Abu Dhabi. ADSWS delivers sustainable water solutions by focusing on resource recovery and water circularity and is regulated by the Department of Energy, operating under the same regulatory framework as other key sectors in TAQA’s portfolio, such as our transmission and distribution businesses (power and water) in Abu Dhabi. ADSWS has a growing network of approximately 13,000 km of sewer pipelines and a water treatment capacity of approximately 1.3 million cubic metres per day from 43 plants, with a regulated asset value of approximately AED 17.5 billion.

SWS Holding expands TAQA’s capabilities in managing water and is highly complementary to its existing portfolio. The transaction will add significant value to the company’s asset base and further enhances TAQA’s highly predictable and secure cashflow profile as well as its long-term earnings.

Building on its strengths in the UAE, SWS Holding aims to expand internationally as part of its long-term growth strategy, delivering sustainable water solutions to new markets. Recently, SWS Holding, alongside Marubeni Corporation and Suez, signed a joint development agreement with Uzbekistan's Ministry of Investment, Industry and Trade and Uzsuvtaminot JSC to develop a wastewater treatment plant in Tashkent, which will be capable of producing 1.5 million cubic metres of treated water per day.

Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, said: “By bringing the treated water business into TAQA, alongside our other water activities of production and transmission & distribution, we will be able to optimise the way we produce, use and reuse water. As a company we can now offer an even broader range of utility solutions while we continue to grow here in the UAE and internationally. Adding SWS Holding to our portfolio strongly aligns with our net zero strategy, helping to ensure water security in the UAE while minimising related greenhouse gas emissions through effective wastewater treatment and reuse.”

Eng. Ahmed Al Shamsi, SWS Holding’s Chief Executive Officer and Managing Director added: “Being part of TAQA strengthens our position to ensure responsible water use and reuse, support the circular economy and promote smart growth here in the UAE and abroad. As stewards of sustainable water management, we are a reliable low-carbon water champion and look forward to bringing even more integrated and innovative solutions powered by cutting-edge technology and operational excellence to lead water transformation to our customers.”


Posted by : DubaiPRNetwork.com Editorial Team
Viewed 10045 times
PR Category : Banking & Investments
Posted on : Wednesday, September 4, 2024  11:24:00 AM UAE local time (GMT+4)
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