Abu Dhabi National Energy Company (Taqa), a leading listed utility firm in Europe, the Middle East, and Africa, announced on Monday its acquisition of a 100% stake in GS Inima from GS Engineering & Construction, valued at approximately $1.2 billion. This deal will fully integrate GS Inima into Taqa, accelerating its international water strategy.
By merging GS Inima’s expertise, Taqa will enhance its status as a global leader in low-carbon water solutions, covering development, engineering, procurement and construction management (EPCm), and operations and maintenance (O&M). The acquisition will add about 171 million imperial gallons per day (MIGD) to Taqa’s existing 1,250 MIGD desalination capacity, advancing its goal to have two-thirds of its capacity from energy-efficient reverse osmosis (RO) technology by 2030. GS Inima’s extensive water capabilities will contribute an additional 1.2 million cubic meters per day (264 MIGD) of drinking water and 2.6 million cubic meters per day (572 MIGD) of wastewater and industrial water treatment capacity, serving 1.3 million people globally.
Headquartered in Madrid, GS Inima manages around 50 projects, including 30 long-term public-private partnerships (PPPs), in water desalination and treatment across ten countries like Spain, Brazil, Mexico, the U.S., and Oman, offering Taqa access to high-growth markets in Europe, Latin America, and Asia, bolstering its position as a top international utility.
GS Inima is set to boost Taqa’s financials, significantly enhancing Ebitda upon closing. In 2024, GS Inima generated approximately €389 million in revenue and €106 million in Ebitda, adding value to Taqa’s portfolio. Most of GS Inima’s operations (excluding EPCm) are under long-term concession agreements with inflation-adjustment clauses, ensuring stable cash flows. Its advanced digital technologies and R&D focus will enhance Taqa’s operational efficiencies across its water platform, supporting the Group’s strategy to expand through project wins and targeted acquisitions.
Jasim Husain Thabet, Taqa’s CEO and managing director, noted: “This acquisition marks a pivotal step in Taqa’s growth and water strategy. GS Inima brings global operational and technical prowess, and we are pleased to integrate them into the Group. Together, we aim to become a leading international water player, extending our capabilities in strategic growth markets across the Middle East, Europe, and the Americas, delivering innovative low-carbon water solutions globally.”
This acquisition builds on Taqa’s achievements over the past year, expanding its domestic wastewater and recycled water footprint through acquiring Sustainable Water Solutions Holding, now Taqa Water Solutions.
Globally, Taqa is committed to large-scale infrastructure projects enhancing water security, including developments in Morocco and Uzbekistan, affirming its dedication to long-term water security and global expansion.
The transaction awaits regulatory approvals and other standard closing conditions, with an expected completion by 2026.
