ADNOC, TAQA announce closure of $3.8 billion clean energy deal

Project to reduce carbon footprint of ADNOC’s offshore operations by 30%
ADNOC, TAQA announce closure of $3.8 billion clean energy deal
ADNOC logo (Image credit: Bloomberg)

Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company (TAQA) announced the financial closing of their 14 billion dirhams ($3.8 billion) strategic project to power and significantly decarbonize the former’s offshore production operations.

The ADNOC project, being implemented with a consortium comprising Korea Electric Power (KEPCO), Kyushu Electric Power Company (Kyuden), and Électricité de France (EDF), is a first-of-its-kind high-voltage direct current (HVDC) sub-sea transmission network in the MENA region.

The innovative project progressed rapidly from concept to development phase, with construction starting in early 2022, underscoring both ADNOC and TAQA’s efforts to drive climate action and support the UAE net-zero by 2050 strategic initiative.

The consortium will build, own, operate, and transfer the state-of-the-art transmission system alongside ADNOC and TAQA, with the full project returned to ADNOC after 35 years of operation.

The development is expected to reduce the carbon footprint of ADNOC’s offshore operations by more than 30 percent, replacing existing offshore gas turbine generators with more sustainable power sources available on the Abu Dhabi onshore power network, operated by TAQA’s wholly owned subsidiary, Abu Dhabi Transmission and Despatch Company (TRANSCO).

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