backKing & Spalding has advised:
- Abu Dhabi National Energy Company PJSC (TAQA) and Dubal Holding on the acquisition of Emirates Global Aluminium’s (EGA) Al Taweelah 3.1GW combined cycle gas-fired plant for USD $1.9 billion (approximately AED 7 billion), and
- Emirates Water and Electricity Company (EWEC) on a series of ground-breaking agreements,
in connection with the decarbonisation of EGA’s aluminium production and the expansion of renewable and clean energy development in Abu Dhabi. The key agreements were signed earlier this week with closing to follow shortly.
The transaction represents a major step towards advancing TAQA and Dubal Holding’s growth objectives, supports EWEC’s strategy to optimize solar power generation in Abu Dhabi, positions EGA at the forefront of the global aluminium industry’s net-zero ambitions, and enhances power generation efficiency across the Emirate of Abu Dhabi.
The King & Spalding team who advised TAQA and Dubal Holding was led by Brendan Hundt, who commented that, “this is a milestone transaction that sets a new benchmark for the energy sector in the Middle East for how major industrial companies can look to decarbonise their operations and, at the same time, it shows how power developers and investors can support those decarbonisation efforts in an economically feasible way.”
The King & Spalding team who advised EWEC was led by Dan Feldman, Global Head of Energy, who added, “this transaction demonstrates how the energy and industrial sectors can combine expertise to contribute towards achieving climate targets. Our team’s ability to help multiple stakeholders on one of the region’s most sophisticated energy agreements in decades is a testament to strong collaboration and our bench strength.”
Other King & Spalding team members included Simon Cowled, Jesse Pauker, Mohammed Basama, Jill Cooper, Chris Travis, Suzanne Szczetnikowicz, Caio Gabra, Sam Anastasiou, Olivia Wynne Thomas, Sam Muir and Saiesh Kamath. The King & Spalding team for EWEC was also supported by Gregor Page.
For more information about the transaction, please, click here.