TAQA Sells 100 Percent Stake in TAQA Neyveli Power to MEIL

Abu Dhabi National Energy Company (TAQA) has agreed to sell its entire stake in TAQA Neyveli Power Company to MEIL Energy, a subsidiary of India’s Megha Engineering and Infrastructures Ltd. (MEIL), for INF 9.26 billion (USD 104.4 million).

Located in Tamil Nadu, TAQA Neyveli operates a 250 MW lignite-fired power plant, marking TAQA’s complete exit from India’s power generation sector. The divestment aligns with the company’s goal of reducing Scope 1 and Scope 2 emissions by 25 percent  by 2030, as part of its broader shift toward low-carbon and renewable energy investments through its partnership with Masdar.

Farid Al Awlaqi, CEO of TAQA’s generation business, said, “This sale represents a considered adjustment to our generation portfolio as we continue progressing towards a more sustainable energy mix. It aligns with TAQA’s broader efforts to transition towards cleaner energy solutions and respond to changing global energy demands.”

TAQA is increasingly focusing on flexible gas-fired and renewable power generation, with plans to add 1 GW of gas-fired capacity in the UAE and a 1 GW integrated solar-plus-storage project with Masdar. Internationally, it is exploring new ventures in Morocco and Saudi Arabia, including combined-cycle gas turbine projects and cogeneration plants.

With a generation capacity that has expanded from 21 GW in 2020 to around 70 GW in 2025, TAQA aims to reach 150 GW by 2030, with nearly two-thirds coming from renewables.