Taqa, Ewec Close Financing on Abu Dhabi Power Plant Backing AI Growth

05:09 AM EST, 12/30/2025 (MT Newswires) -- Abu Dhabi National Energy Co. (ADX:TAQA), d/b/a Taqa, and Emirates Water and Electricity Co., or Ewec, reached financial close on the 3.6 billion-Emirati-dirham facility dedicated to supplying power to artificial intelligence-driven data center projects in Abu Dhabi, United Arab Emirates. The Emirati energy group and Ewec said Tuesday that 85% of the Al Dhafra Power Plant's funding came from debt financing involving 14 local and international financial institutions. The financial close follows the signing of a 24-year power purchase agreement between the two parties in April. As the full owner of the project and the operation and maintenance company, Taqa already initiated construction of the 1-gigawatt facility, with the development said to be moving at an "unprecedented pace." "AI represents a major opportunity for both economic growth and increased energy demand. Meeting this demand requires an agile, secure, and sustainable energy mix that prioritises decarbonisation and flexibility. The Al Dhafra Gas Turbine Power Plant exemplifies this approach. TAQA has taken the project from inception to development, through to beginning construction, and now to financial close at record speed - demonstrating our agility and commitment to supporting the rapid growth in energy needs driven by AI data [centers]," Taqa's Generation business Chief Investment Officer Frank Possmeier said. To support the project, Taqa Group's Taqa Transmission will build power grid infrastructure to connect the new generation capacity. The Al Dhafra Power Plant is part of a significant 36 billion-dirham investment in Abu Dhabi's energy infrastructure by Taqa, Ewec, and renewable energy company Abu Dhabi Future Energy Co., d/b/a Masdar. The facility will support Masdar's pioneering project, which aims for round-the-clock renewable energy distribution through a combined solar and battery energy storage system.