TAQA accelerates renewable and infrastructure investments despite flat revenues in 2025

Abu Dhabi National Energy Company PJSC, better known as TAQA, shared its full-year results for 2025, which remained pretty resilient despite some big shifts. Not only that, but the company also ramped up its investment plans across power, water, and grid infrastructure, movements it says will help secure regional energy supplies and support its growth targets for 2030.

According to a report from Zawya, TAQA pulled in revenues of around AED 54.8 billion over the 12 months ending December 31, 2025 , pretty much flat compared to the previous year. Meanwhile, net income rose by about 5.6% year-over-year, reaching AED 7.5 billion. The group’s EBITDA was roughly AED 20.7 billion, just a hair below the AED 21 billion it posted in 2024. The company explained that the slight dip was mainly due to some one-off, non-cash charges in its Generation and Oil & Gas segments. Other regional outlets like Khaleej Times and Voice of Emirates confirmed these figures and noted that TAQA is focusing on strengthening its regulated utility businesses to make up for softer oil and gas earnings.

In 2025, TAQA really accelerated its capital spending, investing AED 14.5 billion, which was nearly 50% more than the year before. This money was mainly funneled into expanding generation, water, and transmission assets. Among these projects, the 1 GW Al Dhafra Thermal Power Plant got some of the fastest progress, alongside broader transmission projects. The company sees these developments as key to meeting the growing demand for electricity and backing Abu Dhabi’s budding digital and AI-driven industries. Interestingly enough, reports from outlets like Eye of Riyadh mentioned that this investment momentum was already visible during the first nine months of 2025, with capital expenditure climbing by almost 47%.

TAQA also highlighted some notable new wins and acquisitions that expand its reach internationally. For example, it completed the integration of Transmission Investment in the UK and secured finance for two efficient gas-fired plants in Saudi Arabia, namely Rumah 2 and Al Nairyah 2, adding up to about 3.6 GW of capacity and roughly USD 4 billion of investment. Plus, the company signed a deal to buy Spanish water engineering firm GS Inima for approximately USD 1.2 billion. This acquisition is set to boost desalination capacity by 171 million gallons per day (MIGD) and strengthen its global water platform. Reports by Big News Network and SahmCapital indicated that these moves underscore a strategic shift towards more regulated and contracted assets that promise steady cash flows.

On the renewables side, TAQA stated that its gross generation capacity now surpasses 70 GW, up from just 24 GW back in 2020, with renewables making up about 63.8% of the total portfolio. The group highlighted Masdar’s lead in pushing the world’s first-ever continuous solar-plus-storage project, which combines 5.2 GW of solar PV with 19 GWh of battery storage. This project, which started construction in 2025, aims to deliver a steady 1 GW of clean power around the clock. Alongside the Al Dhafra thermal plant and expanded grid infrastructure under TAQA Transmission, this setup is designed to allow even deeper integration of renewable energy while keeping the system reliable, as noted by outlets like Khaleej Times.

TAQA also stepped up efforts in decarbonizing heavy industry and scaling up large desalination projects. It signed agreements with companies like Aluminium Bahrain (EGA), DUBAL Holding, and Emirates Water and Electricity Company (EWEC) to speed up clean energy access for industrial use. Part of this involved a deal with DUBAL Holding to acquire EGA’s Al Taweelah power and water assets, costing around USD 1.9 billion, adding approximately 3.1 GW of electricity capacity and 6.25 MIGD of desalination. Voice of Emirates stressed that these moves are strategically vital for the UAE’s ongoing industrial transition.

Internationally, TAQA has laid out ambitious plans, especially in Morocco, with memoranda covering integrated energy and water projects potentially worth around USD 14 billion. The company has also expanded its footprint in Central Asia, including a 40% stake in Uzbekistan’s 875 MW Talimarjan power plant, and is exploring further water projects via TAQA Water Solutions.

Meanwhile, the company continued managing its legacy oil and gas assets. Its O&G segment completed the safe removal of the Eider Alpha platform in the UK North Sea and supported the Netherlands’ Porthos CO2 storage project by transferring the P18-A platform. At the same time, TAQA streamlined its portfolio, selling off an interest in a US wind project and disposing of a stake in a 250 MW lignite plant in India.

Looking ahead, TAQA’s board has proposed a quarterly dividend of 1.5 fils per share for Q4 2025, plus a variable component of 0.7 fils, bringing the full-year payout to about 4.45 fils. They also suggested a revised dividend policy for 2026–2028, which balances fixed and variable parts while aiming to boost the fixed yearly dividend component. Regional reports from SahmCapital and Big News Network echoed these dividend announcements, noting that management aims to keep shareholder returns balanced amid ongoing heavy investments.

Commenting on the results, H.E. Mohamed Hassan Alsuwaidi, TAQA’s Chairman, said that 2025’s achievements reflected the company’s dedication to developing vital infrastructure that supports economic resilience and community well-being. Group CEO Jasim Husain Thabet added that 2025 was a pivotal year marked by disciplined execution and strategic growth. He pointed out that the expanding capacity and increased share of renewables demonstrate progress toward TAQA’s ambitious goal of reaching 150 GW of gross capacity by 2030, two-thirds of which would come from renewables.

For those invested in climate tech within the UAE, TAQA’s profile presents a familiar mix of opportunities and challenges. On the upside, the company is deploying large-scale renewables, storage, and efficient desalination, alongside expanding regulated networks that can support decarbonization at scale. But, at the same time, it continues to invest in gas-fired capacity and manages oil and gas decommissioning, highlighting that the energy transition remains hybrid and heavily reliant on infrastructure. Industry watchers will likely scrutinize how successfully TAQA transforms its plans into real projects, especially given the tens of billions of dollars involved in these developments.

Source: Noah Wire Services