Abu Dhabi National Energy Company (TAQA) has agreed to buy GS Inima, a Spanish water treatment and desalination company, from GS Engineering & Construction for about $1.2 billion, in a move that accelerates its push to become a global leader in water infrastructure.
The acquisition gives TAQA full ownership of Madrid-based GS Inima, which operates around 50 projects worldwide, including about 30 long-term public-private partnerships, according to a company statement.
The company is active in 10 countries, including Spain, Brazil, Mexico, the United States and Oman, and serves more than 1.3 million people.
The deal will add roughly 171 million imperial gallons a day of desalination capacity to TAQA’s existing 1,250 MIGD portfolio and expands its footprint across high-growth markets in Europe, Latin America and Asia. TAQA said the acquisition supports its target of sourcing two-thirds of its desalination capacity from energy-efficient reverse osmosis technology by 2030.
GS Inima generated revenue of about €389 million ($430 million) in 2024 and EBITDA of €106 million. Most of its portfolio operates under long-term concession agreements with inflation-linked tariffs, providing stable cash flows, TAQA said.
“This acquisition represents a transformational step in TAQA’s growth and water strategy,” said Group Chief Executive Jasim Husain Thabet. “GS Inima brings proven operational and technical strength on a global scale.”
TAQA has expanded its water business over the past year, acquiring Sustainable Water Solutions Holding in the UAE and committing to projects in Morocco and Uzbekistan. The company said the GS Inima acquisition will strengthen its ability to scale “smart water infrastructure” and enhance its low-carbon capabilities.
The transaction, which remains subject to regulatory approvals, is expected to close in 2026.
