Abu Dhabi’s Taqa acquires UK’s Transmission Investment to strengthen European presence

UNITED ARAB EMIRATES: Abu Dhabi’s main power utility agreed to buy the UK’s Transmission Investment, one of the largest operators of assets connecting wind farms at sea to the British electricity grid, reported Bloomberg.

The acquisition by Abu Dhabi National Energy Company PJSC, also known as Taqa, highlights its plan to expand in Europe. The company has also revived interest in picking up a stake in the Spanish utility Naturgy Energy Group SA and reached out to the company’s largest shareholder for a deal, said the people familiar with the matter.

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Taqa didn’t provide a value of the transaction for Transmission Investment. The UK firm has about £3 billion ($4 billion) of assets under management in an existing portfolio of 11 offshore transmission assets, Taqa said in a statement Thursday.