Abu Dhabi National Energy Company

The Abu Dhabi National Energy Company PJSC (TAQA) has released its review report and interim condensed consolidated financial statements for the three-month period ending 31 March 2024. These documents are currently unaudited.

TAQA Group reported a net income of AED 2.1 billion for Q1 2024, a 6.9% increase compared to the same period last year, excluding one-off items. Revenues also increased by 5.3% to AED 13.7 billion, and adjusted EBITDA rose by 4.9% to AED 5.5 billion. These financial gains were boosted by contributions from the Sustainable Water Solutions Holding Company. However, net income saw a decrease of AED 9.5 billion due to one-off items recognized in 2023. Capital expenditure was significantly higher by 60.3%, driven by construction progress in desalination projects. Free cash flow generation was AED 0.3 billion, lower than the previous year due to increased investments in renewable energy projects. Gross debt increased to AED 62.5 billion, up from AED 61.7 billion at the end of 2023, due to project debt assumed on the acquisition of SWS Holding and investment in desalination projects.

The Abu Dhabi National Energy Company PJSC ("TAQA") has announced a meeting of its Board of Directors to be held on Tuesday, 14 May 2024, at the Company's headquarters. The meeting will discuss and resolve on the following matters: consideration and approval of the unaudited financial results for the period ended 31 March 2024, approval of the payment of an interim dividend for the first quarter of the financial year 2024 in accordance with the existing shareholder-approved dividend policy, and other general matters relating to the activities of the Company and its projects. The information was disclosed by Mohammad Adnan Sharafi, Secretary to the Board of Directors.

The Acting Head of Listed Companies Affairs at Abu Dhabi Securities Exchange, Mr. Hamad A. Al Ali, received a letter from Mohammad Adnan Sharafi, the Secretary to the Board of Directors of Abu Dhabi National Energy Company PJSC (TAQA). The letter informed him of a Board of Directors meeting to be held on Tuesday, 14 May 2024, at 3 p.m. at the company's headquarters. The agenda includes reviewing and approving the unaudited financial results for the period ending 31 March 2024, approving the payment of an interim dividend for the first quarter of the financial year 2024, and discussing other general matters related to the company's activities and projects.

The Abu Dhabi National Energy Company PJSC (TAQA) has announced that it is in discussions with Criteria Caixa regarding potential cooperation with Naturgy Energy Group, S.A. ("Naturgy"). TAQA is also in talks with CVC and GIP about a possible acquisition of their shares in Naturgy, which could lead to an offer for all shares of Naturgy. However, no agreement has been reached with Criteria Caixa, CVC, or GIP, and there is no certainty about any potential transaction. TAQA has not approached Naturgy. Further announcements will be made if necessary. The announcement was made by Mohammad Adnan Sharafi, Board Secretary of TAQA.

The Abu Dhabi National Energy Company PJSC (TAQA) has confirmed it is in discussions with Criteria Caixa about potential cooperation with Naturgy Energy Group, S.A. Additionally, TAQA is in talks with CVC and GIP about possibly acquiring their shares in Naturgy, which would trigger an offer for all Naturgy's shares. However, no agreement has been reached with Criteria Caixa, CVC, or GIP and no approach has been made by TAQA to Naturgy. The company stated there is no guarantee of any transaction or certainty about the terms of any potential transaction. Further announcements will be made if applicable.

TAQA, an integrated utility company, and JERA, Japan's largest power generation company, have partnered with Saudi Aramco Total Refining and Petrochemical Company to develop an industrial steam and electricity cogeneration plant. The plant, expected to be operational in 2027, will supply up to 475MW of power and about 452 tons of steam per hour. The facility, located in the Eastern Province of Saudi Arabia, will provide electricity and steam for the Amiral petrochemical complex. The plant will also meet stringent efficiency standards and has provisions for future carbon dioxide capture and hydrogen co-firing. The project will be developed by TAQA and JERA on a 25-year build, own, and operate basis.

The Abu Dhabi Future Energy Company (Masdar), in which the Abu Dhabi National Energy Company (TAQA) holds a 43% stake, has signed a definitive agreement to acquire a 50% stake in Terra-Gen Power Holdings II, one of the largest independent renewable energy power producers in the US, from Energy Capital Partners (ECP). ECP will fully exit its position in Terra-Gen as a result of the transaction. The remaining 50% stake in Terra-Gen will be retained by Igneo Infrastructure Partners, which made its initial investment in Terra-Gen in December 2020. The transaction is expected to close by the end of 2024, subject to regulatory and other customary approvals.

The letter, dated March 14, 2024, is from Mohammad Adnan Sharafi, Secretary to the Board of Directors of the Abu Dhabi National Energy Company PJSC ("TAQA" or "Company"). It is addressed to Mr. Hamad A. Al Ali, Acting Head of Listed Companies Affairs at the Abu Dhabi Securities Exchange. The letter discusses the results of TAQA's Annual General Assembly meeting, which took place both in-person at the company's headquarters in Abu Dhabi and virtually with the participation of shareholders, on March 14, 2024, at 3:00 pm.