Abu Dhabi National Energy Company (TAQA) has announced the successful completion of its transaction with  Abu Dhabi Power Corporation (ADPower), formulating one of the largest utility companies in the world, according to a press release.

The transaction, which achieved shareholder approval in April 2020, saw ADPower transfer the majority of its power and water generation, transmission and distribution assets to TAQA in exchange for 106,367,950,000 new shares. Subsequently, ADPower will own 98.60% of the entire issued share capital of TAQA. 

Mohamed Hassan Alsuwaidi, Chairman of TAQA, said, “The successful consolidation of Abu Dhabi’s power and water assets has created a true national energy champion that is well-positioned to spearhead the transformation of the utility industry.