Abu Dhabi National Energy Company (TAQA) has agreed to sell its stake in TAQA Neyveli Power Company to India’s Megha Engineering & Infrastructures Limited (MEIL) Energy for $104.4m. MEIL Energy is part of MEIL, an Indian conglomerate focusing on infrastructure and energy. This move supports TAQA’s goal to reduce emissions and marks its complete exit from TAQA Neyveli.

TAQA is now focusing on low-carbon, flexible gas-fired power generation and renewable energy investments. The company aims to reduce emissions by 25% by 2030. The divestment aligns with TAQA’s 2030 corporate strategy for sustainable growth. TAQA’s CEO sees this sale as part of their transition towards cleaner energy solutions.

In the UAE, TAQA plans to add 1GW of gas-fired capacity. They are also working with Masdar on a project to deliver 1GW of renewable energy using solar and battery storage. TAQA Morocco is exploring acquiring a gas turbine power plant and developing new gas-fired and renewable projects, desalination, and transmission infrastructure.

TAQA reported a gross capacity of 21GW in 2020, increasing to around 70GW by September 2025. Their goal is to reach 150GW by 2030, with a focus on renewables through their investment in Masdar. The company has reached financial close for several projects in Saudi Arabia, including cogeneration and gas-fired plants.

Read more at Yahoo Finance: TAQA to sell 250MW lignite power plant to India’s MEIL Energy