TAQA earnings report revealed a 3.8 percent year-on year revenue growth and expansion in renewable projects for Q1 2025.
Abu Dhabi National Energy Company (TAQA) has disclosed its earnings for the three-month period ending March 31, 2025. TAQA’s revenue reached AED14.2 billion ($3.9 billion), predominantly due to an increase in pass-through items in Transmission and Distribution (T&D).
Despite the revenue growth, TAQA faced a decline in EBITDA, which fell by 6.7 percent to AED5.3 billion ($1.4 billion), while net income decreased by 1.5 percent to AED2.1 billion ($571.7 million).
In Q1, TAQA made notable progress in expanding its global renewable portfolio through its significant stake in Masdar. Masdar’s Saeta Yield platform successfully acquired the 243 MW Valle Solar project located in Spain.
Furthermore, in Spain, Masdar entered into an agreement to purchase a 49.99 percent stake in four solar assets owned by Endesa S.A., totaling 446 MW, which is pending regulatory approvals.
Additionally, Masdar is in the process of developing the world’s first giga-scale ’round-the-clock’ renewable project in Abu Dhabi. This ambitious project will combine 5.2 GW of solar capacity with 19 GWh of battery storage, enabling the delivery of 1 GW of continuous clean energy.
Supporting UAE’s energy strategy
In April, TAQA and Emirates Water and Electricity Company (EWEC) announced the signing of a significant power purchase agreement for the 1 GW Al Dhafra Thermal plant, along with substantial investments in new grid infrastructure.
These initiatives are being developed concurrently with Masdar’s ‘round-the-clock’ project and collectively will play a crucial role in supplying the power necessary to advance the UAE’s AI Strategy for 2031.
The Al Dhafra Thermal plant is designed to provide efficient, flexible, and easily dispatchable capacity, and it will be entirely owned and operated by TAQA.
TAQA Transmission will facilitate the integration of additional gas and renewable capacity into the grid using state-of-the-art transmission infrastructure, thus ensuring the energy and stability required for high-performance computing and other advanced digital infrastructures. Together, these projects will necessitate an investment of approximately AED36 billion in the coming years.
