Abu Dhabi's TAQA to concentrate on solar as part of global renewables push

Mar 25, 2021 08:01 AM ET
  • Abu Dhabi National Energy Company (TAQA) has actually revealed plans to ramp up its solar PV portfolio with a new strategic plan that will certainly see the power manufacturer purpose to reduce its direct exposure to oil and also gas.
Abu Dhabi's TAQA to concentrate on solar as part of global renewables push
Image: TAQA Group

By 2030, it is expected renewable resource will consist of more than 30% of the company's power generation portfolio, up from the existing 5% level.

In its residence market of the United Arab Emirates, TAQA prepares to increase its gross power capacity from 18GW today to 30GW by the end of the years, along with approximately 15GW of additions internationally.

The 2030 vision sees the company's development being by met enhanced power, water and network ability in the UAE, in addition to from "selective opportunities internationally".

"As we emerge from the pandemic, around the globe there will be an enhancing focus on the requirement for clean, dependable as well as sustainable resources of power and also water," stated TAQA chairman Mohamed Hassan Al Suwaidi.

Along with the strategic plan, Al Suwaidi claimed the company will intend to leverage the UAE's international connections "to drive power remedies throughout the region as well as internationally", while consolidating its placement locally to deliver the UAE's nationwide goals.

The country has actually dedicated raising the contribution of renewables in its energy mix to 50% by 2050-- a target that Rystad Energy thinks is "well within reach". Recent research study from the consultancy forecasts the UAE's solar PV capacity will certainly boost from around 2.1 GW currently to 8.5 GW by the end of 2025, when it will certainly stand for around 95% of the country's renewables ability.

Four solar projects are anticipated to make up a lot of this development: Al Dhafra (2GW), Abu Dhabi PV3 (1.5 GW), and the 4th (950MW) as well as 5th (900MW) phases of the Mohammad container Rashid Al Maktoum solar complicated.

TAQA belongs to a consortium that is creating the Al Dhafra park, which will certainly lie 35km south of Abu Dhabi city and also function 4 million photovoltaic panels, providing power to Emirates Water as well as Electrical Energy Company when it comes on the internet following year.

Funding for the project was secured last December, with a US$ 1 billion purchase signed with seven worldwide banks. TAQA will possess 40% of the project, while the other partners-- Masdar, EDF Renewables and also JinkoPower-- will certainly have a 20% stake each.

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