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Bond Market News
TAQA, DUBAL to Acquire TGA’s Power Assets for $1.9bn
November 28, 2025
Abu Dhabi National Energy Company (TAQA) and DUBAL Holding are set to acquire Emirates Global Aluminium’s (EGA) power and water generation assets in a strategic transaction valued at $1.9bn. The acquisition involves TAQA and DUBAL Holding, the investment arm of the Investment Corporation of Dubai (ICD), establishing a joint venture (JV) company to hold the generation assets with equal ownership. Operations, however, will be managed by a new, separate company jointly owned by TAQA and EGA. Additionally, TAQA Transmission, a subsidiary of TAQA, will acquire the electricity transmission assets associated with the EGA facilities. The consolidation is said to be representing a significant step by major UAE state-backed entities to integrate and manage essential national energy and utility infrastructure.
TAQA’s dollar bonds were trading stable, with its 4.375% 2029s at 100.9, yielding 4.1%.
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