Abu Dhabi – Mubasher: ADQ, an Abu Dhabi-based investment and holding company, entered into an agreement to monetise an 8.60% equity in Abu Dhabi National Energy Company (TAQA).

ADQ monetised the minority stake to Multiply Group, Abu Dhabi Pension Fund (ADPF), and other investors, according to a recent press release.

The process comes in line with ADQ’s objective to establish a balanced and diversified investment portfolio while attracting long-term institutional partners.

In a separate bourse disclosure, Multiply Group announced that it had acquired a 7.30% stake in TAQA for AED 10 billion.

Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ, said: “We also believe this transaction will support our aspiration to facilitate increased free float in TAQA and Abu Dhabi’s capital markets.”

The transaction followed TAQA’s joint agreement with Abu Dhabi National Oil Company (ADNOC) to acquire equities in Abu Dhabi Future Energy Company (Masdar) from Mubadala Investment Company.

Currently, TAQA runs its operations in 11 countries across four continents, with plans to have at least 30% of its power generation portfolio as renewables by 2030.

During the first half (H1) of 2022, the net profits attributable to the equityholders of TAQA jumped to AED 4.28 billion from AED 2.85 billion in H1-21.

Meanwhile, Multiply Group turned to consolidated net profits attributable to the shareholders worth AED 389.30 million in H1-22, compared to losses of AED 733,000 in the year-ago period.