Jassem Hussein Thabet, the CEO of Abu Dhabi National Energy Company (Taqa), announced that the firm intends to leverage GS Inema as its primary vehicle for continuing its international expansion strategy in the water sector.
This statement follows Taqa’s recent acquisition of the Spanish company for $1.2 billion.
In an interview, Thabet emphasized, “GS Inema will be our growth engine globally concerning water desalination, wastewater treatment, and local water networks.”
The transaction marks a pivotal moment for our growth and transformation strategy, enabling Taqa to penetrate eight new markets, including Brazil and Mexico.
Taqa has revealed plans to invest approximately $20 billion from 2023 to 2030 in both organic growth through the development of new products or services, and inorganic growth via mergers, acquisitions, or strategic alliances.
In recent months, the company committed to investing billions in major water projects in countries like Morocco and Uzbekistan.
This acquisition adds 171 million gallons per day of desalination capacity to Taqa’s existing portfolio of 1,250 million gallons per day.
The deal supports Taqa’s goal of sourcing two-thirds of its desalination capacity from reverse osmosis technology by 2030, up from the current 40%, and will enhance treated wastewater capacity by adding 2.6 million cubic meters daily. Taqa plans to finance the acquisition from its own funds.