Abu Dhabi National Energy Company PJSC (TAQA), one of the largest listed integrated utility companies in Europe, the Middle East and Africa, announced on 30 October the sale of its 100% stake in TAQA Neyveli Power Company Private Ltd to MEIL Energy, an affiliate of Megha Engineering & Infrastructures. MEIL is a company based in India and is a large diversified conglomerate with strong business interests in infrastructure, energy and hi-tech manufacturing. The value of the sale is INR 9.26 bn (approximately AED 387 m).
TAQA Neyveli owns and operates a 250 MW lignite-fired power plant located in the state of Tamil Nadu, India. As a result of this transaction, TAQA has fully exited its interest in TAQA Neyveli as the company sharpens its focus on low-carbon, highly flexible gas-fired power generation and, through its stake in Masdar, renewable energy investments.
Farid Al Awlaqi, CEO of TAQA’s Generation business, said: “This sale represents a considered adjustment to our generation portfolio as we continue progressing towards a more sustainable energy mix. It aligns with TAQA’s broader efforts to transition towards cleaner energy solutions, reduce long-term emissions, and respond to the changing dynamics of global energy demands. Our focus remains on developing flexible, efficient and low-carbon power generation assets that support sustainable growth and the energy transition.”
Over the past year, TAQA’s Generation business has made several significant strategic growth investments as part of its long-term strategy to develop leading low-carbon power and water projects. In the UAE, TAQA recently unveiled plans for an additional 1 GW of gas-fired capacity, along with Masdar’s ’round-the-clock’ giga-project, which, upon completion, will become the largest integrated solar and battery energy storage system anywhere and will be capable of delivering 1 gigawatt (GW) of baseload renewable energy around the clock.
