UAE’s TAQA to sell Dutch upstream assets to Waldorf Energy

 UAE’s TAQA to sell Dutch upstream assets to Waldorf Energy

Abu Dhabi National Energy Company PJSC, or TAQA, has signed a binding agreement with Waldorf Energy Netherlands BV to sell all its Dutch upstream assets.

The UAE-based energy and utilities major didn’t disclose any financial details of the deal.

TAQA’s exit from the Netherlands follows a strategic review of its oil and gas portfolio. TAQA had said after the review in July it had been exploring the potential sale of some assets and concluded that it will retain its oil and gas portfolio, except for the upstream assets in the Netherlands.

According to its website, the Abu Dhabi Stock Exchange-listed TAQA’s Dutch assets comprise the Bergen II production area and P15 and P18 oil and gas production blocks in the Dutch North Sea.

The energy company is an active player in the oil and gas as well as water generation segments, and has also been focusing on developing its renewable energy business. Apart from the UAE, TAQA operates in Canada, Ghana, India, Iraq, Morocco, the UK and the US.

Last month, it had secured the refinancing of its $3.5 billion revolving credit facility from a syndicate of 20 banks.

By 2030, TAQA has plans of investing $10.9 billion in infrastructure development projects as it looks to add as much as 27GW of power capacity to its portfolio and also add to its renewable energy business.

Also read: Mubadala, ADNOC, TAQA to combine renewable energy, green hydrogen assets

Aman Malik

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