Abu Dhabi’s TAQA to focus on solar as part of global renewables push

Facebook
Twitter
LinkedIn
Reddit
Email
Image: TAQA Group.

Abu Dhabi National Energy Company (TAQA) has announced plans to ramp up its solar PV portfolio through a new strategic plan that will see the power producer aim to reduce its exposure to oil and gas.

By 2030, it is expected renewable energy will comprise more than 30% of the company’s power generation portfolio, up from the current 5% level.

In its home market of the United Arab Emirates, TAQA plans to increase its gross power capacity from 18GW today to 30GW by the end of the decade, as well as up to 15GW of additions internationally.

The 2030 vision sees the firm’s growth being by met increased power, water and network capacity in the UAE, as well as from “selective opportunities internationally”.

“As we emerge from the pandemic, around the world there will be an increasing focus on the need for clean, reliable and sustainable sources of power and water,” said TAQA chairman Mohamed Hassan Al Suwaidi.

Alongside the strategic plan, Al Suwaidi said the company will aim to leverage the UAE’s international relationships “to drive power solutions across the region and globally”, while consolidating its position domestically to deliver the UAE’s national objectives.

The country has committed increasing the contribution of renewables in its energy mix to 50% by 2050 – a target that Rystad Energy believes is “well within reach”. Recent research from the consultancy predicts the UAE’s solar PV capacity will increase from around 2.1GW currently to 8.5GW by the end of 2025, when it will represent around 95% of the country’s renewables capacity.

Four solar projects are expected to account for most of this growth: Al Dhafra (2GW), Abu Dhabi PV3 (1.5GW), and the fourth (950MW) and fifth (900MW) phases of the Mohammad bin Rashid Al Maktoum solar complex.

TAQA is part of a consortium that is developing the Al Dhafra park, which will be located 35km south of Abu Dhabi city and feature 4 million solar panels, supplying power to Emirates Water and Electricity Company when it comes online next year.

Financing for the project was secured last December, with a US$1 billion transaction signed with seven international banks. TAQA will own 40% of the project, while the other partners – Masdar, EDF Renewables and JinkoPower – will have a 20% stake each.

29 November 2022
PV ModuleTech EMEA in Madrid on 29-30 November 2022 will address the factors underpinning the changing PV module landscape, gathering together all the key stakeholders across the value-chain from module production to field testing. Join us for presentations from the leading players in the sector, clearly identifying the opportunities and challenges set to impact module supply to Europe and the Middle-East over the next few years.

Read Next

September 5, 2022
EPC contractor Shanghai Electric has completed phase B of the fifth phase of the 900MW Mohammed bin Rashid (MBR) Solar Park in Dubai.
June 27, 2022
Emirates Global Aluminium is to enter the silicon metal market with a UAE-based facility that could be online as early as next year.
April 20, 2022
Tech major Amazon has added 37 new renewable energy projects around the world, with a total of 3.5GW of additional power to its already 12.2GW portfolio of renewable energy.
January 17, 2022
A round-up of the latest projects news, including EDP Renewables completing Indiana’s largest PV project, two Gulf utility companies pricing their first green bonds and an Australian utility linking its project to the national grid.
November 23, 2021
French energy giant TotalEnergies has won new contracts in Libya that include the development of a 500MW solar PV project, although it will also see the company pour US$2 billion into crude oil production and invest in gas extraction
PV Tech Premium
November 19, 2021
In recent years the solar industry has seen some of the largest and cheapest contracts awarded in the MENA region. But with concerns over component price and availability, what can the industry expect from the solar sector in the MENA region in the medium-term?

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 27, 2022
15:30 AEST (UTC +10)
Solar Media Events
October 4, 2022
New York, USA
On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)