TAQA has announced that it has acquired 100% of UK-based energy and utility investment platform, Transmission Investment.
TAQA is a United Arab Emirates (UAE)-based company that operates power, water, oil and gas operations in the UAE, Canada, Ghana, India, Morocco, Netherlands, Oman, Saudi Arabia, the United Kingdom and United States. The company stated that its acquisition of Transmission Investment will strengthen its position in the offshore energy transmission sector and help support the energy transition in the UK and beyond.
Transmission Investment, which currently has £3 billion of assets under management, operates offshore transmission assets which connect offshore wind farms to the UK electricity grid.
The company also develops its own interconnector projects, including the FAB Link project connecting France and the UK, and the LirIC Project connecting Britian and Northern Ireland; these projects have a combined capacity oof around 2GW. The LirIC Project recently crossed a notable milestone as it was awarded a transmission licence.
TAQA Energy itself also invests in transmission infrastructure, most notably the Morocco-UK interconnector project being brought forward by Xlinks. TAQA announced in 2023 that it had invested £25 million into the project, which looks to connect the UK and Morocco via subsea cables. Other investors into this project include Octopus Energy, TotalEnergies, the Africa Finance Corporation, and GE Vernova.
Transmission Investment, including its over 40 full-time employees, will now become part of the newly-launched TAQA Transmission brand, which is a subsidiary of TAQA Group responsible for the development and operation of TAQA’s high voltage power and bulk water transmission infrastructure.
Dr Afif Saif Al Yafei, CEO of TAQA Transmission, said that both firms view transmission grids as “essential for enabling the global energy transition”, adding: “This deal will allow us to leverage the significant capabilities of TI to support our international growth strategy while contributing to the UK’s 2050 Net Zero programme and our wider sustainability ambitions.”
Dr Chris Veal, founder and managing director of Transmission Investment, agreed, adding: “TAQA’s experience, capability and backing will enable Transmission Investment to continue to grow and play its part in the development of the UK transmission system in support of the energy transition”.
TAQA has stated that Dr Veal will continue to head up Transmission Infrastructure following this takeover.
