Abu Dhabi National Energy Company PJSC (TAQA) announced a 3.8% year-on-year revenue increase for the first quarter of 2025, totaling AED 14.2 billion, primarily driven by higher pass-through items in its Transmission and Distribution (T&D) segment.
Despite the revenue uptick, the company’s EBITDA declined by 6.7% to AED 5.3 billion, and net income saw a 1.5% decrease, settling at AED 2.1 billion. The decline reflects ongoing commodity market volatility and a decreasing production profile in the Oil and Gas sector.
TAQA’s core utilities business demonstrated resilience, with the T&D segment reporting combined revenues of AED 9.1 billion, EBITDA of AED 2.4 billion, and net profit of AED 1.4 billion.
The Generation business delivered revenues of AED 2.9 billion, EBITDA of AED 1.7 billion, and net profit of AED 238 million.
TAQA Water Solutions posted revenues of AED 636 million, EBITDA of AED 397 million, and net profit of AED 167 million.
In contrast, the Oil and Gas segment recorded revenues of AED 1.5 billion, EBITDA of AED 546 million, and net profit of AED 347 million.
Through its leading stake in Masdar, TAQA made significant strides in expanding its global renewable energy portfolio in Q1.
Masdar’s Saeta Yield platform completed the acquisition of the 234 MW Valle Solar project in Spain’s Valencia region.
Masdar also agreed to acquire a 49.99% stake in four solar assets from Endesa S.A., totaling 446 MW, pending regulatory approvals. These strategic investments align with Masdar’s goal to achieve a global clean energy portfolio capacity of 100 GW by 2030.
In Abu Dhabi, Masdar is developing the world’s first giga-scale ’round-the-clock’ renewable project, combining 5.2 GW of solar capacity with 19 GWh of battery storage to deliver 1 GW of continuous clean energy.
Following the quarter’s end, TAQA and Emirates Water and Electricity Company (EWEC) signed a 24-year power purchase agreement for the 1 GW Al Dhafra Open-Cycle Gas Turbine (OCGT) project. TAQA will fully own and operate the plant, with its Transmission division integrating the additional capacity into the grid to support the UAE’s Artificial Intelligence Strategy 2031. These initiatives, alongside Masdar’s ’round-the-clock’ project, are expected to require investments of approximately AED 36 billion in the coming years.
In a strategic move to expand its international presence, TAQA acquired 100% of Transmission Investment (TI), a UK-based energy and utility investment platform specializing in offshore electricity transmission.
TI is one of the largest players operating offshore transmission (OFTO) assets connecting offshore wind farms to the UK grid. This acquisition strengthens TAQA’s global footprint and reinforces its commitment to enabling the energy transition with critical infrastructure that supports sustainable growth.
Jasim Husain Thabet, Group Chief Executive Officer and Managing Director of TAQA, stated: “Our first-quarter performance demonstrates the resilience of our core utilities business and shows that we are continuing to make progress in the successful delivery of our growth strategy. TAQA delivered solid revenue growth and has laid strong foundations for the remainder of 2025.”
“TAQA’s leadership in the global low-carbon transition is reinforced by our continued expansion in renewables through Masdar and key international acquisitions. With a strong balance sheet, robust cash flow, and a clear roadmap aligned with both national and global energy goals, we are well-positioned to drive sustainable growth and create long-term value for our stakeholders,” Thabet added.
