TAQA reports a 9.7% rise in H1 2026 net income to AED 4.1 billion, while advancing power, transmission, water and renewable energy projects across the UAE and international markets.
Abu Dhabi National Energy Company PJSC, known as TAQA, achieved a 9.7% year-over-year rise in net income belonging to shareholders for the first six months of 2026, totaling AED 4.1 billion compared to AED 3.7 billion in the same period of 2025. Boosted by improved returns within its power generation and transmission operations, earnings before interest, taxes, depreciation, and amortization rose 7.7% to AED 11.0 billion from AED 10.2 billion. Top-line revenue dropped 2.6% to AED 27.5 billion, down from AED 28.2 billion in the previous year, following reduced pass-through income in distribution, extension activities at the Shuweihat 1 Power Plant, and reduced oil and gas output stemming from scheduled North Sea asset decommissionings in the United Kingdom.
Capital outlays grew 38% year-over-year to reach AED 7.2 billion as the utility provider sped up investments in power grid, water, and electricity supply infrastructure. This increased capital expenditure contributed to a reduction in free cash flow, which fell to AED 4.6 billion from AED 7.0 billion registered during the initial half of 2025. Across the domestic market, the company expanded multiple power and water projects alongside local strategic partnerships.
A consortium led by TAQA, which maintains a 60% controlling interest, secured the 2.6 GW Taweelah C Independent Power Producer contract awarded by Emirates Water and Electricity Company. Designed to enhance network stability, the infrastructure will assist in integrating renewable power sources into Abu Dhabi's grid system through 2050. Additionally, TAQA entered into a 27-year Utilities Purchase Agreement alongside ADNOC to deliver essential services to the TA'ZIZ Industrial Chemicals Zone located in Ruwais.
In municipal water operations, TAQA Water Solutions, Saur International, and Etihad Water and Electricity finalized an extended contract with the Ras Al Khaimah government to construct the emirate's largest wastewater facility. Designed to treat 60,000 cubic meters daily, the plant is projected to accommodate up to 300,000 residents. On the clean energy front, TAQA alongside EWEC, Masdar, EDF Power Solutions, and Jinko Power issued a USD 870.75 million (AED 3.2 billion) green bond to refinance the Al Dhafra Solar PV Independent Power Plant.
International clean energy expansion continued through TAQA's principal ownership share in Masdar. Over the six-month timeframe, Masdar entered a binding contract with TotalEnergies to launch a USD 2.2 billion joint venture targeting land-based renewable installations across Asia. Masdar also reached an accord with Repsol to purchase a 49.99% equity interest in an operational Spanish renewable power portfolio valued at EUR 849 million with 705 MW of capacity and the option for 565 MW in hybrid additions. Furthermore, Masdar won Contracts for Difference allocation covering 3 GW of planned offshore wind generation across the Dogger Bank South developments in the United Kingdom.
TAQA Group Chief Executive Officer and Managing Director Jasim Husain Thabet noted that strong first-half operations across the firm's utility segments supported overall earnings growth. Thabet highlighted that the enterprise's integrated corporate framework offers financial stability to back ongoing infrastructure deployments across domestic and international markets, while strategic collaborations and Masdar's global clean energy activities align with Abu Dhabi's industrial objectives and the wider international shift toward sustainable energy.
Originally reported by SolarQuarter on Aug 17, 2026.
