Abu Dhabi National Energy Company (TAQA) today announced that it has signed an agreement to acquire a 100% interest in GS Inima, a global leader in water treatment and water desalination, from GS Engineering & Construction.
The transaction, valued at approximately US$1.2 billion, will bring GS Inima fully into TAQA’s ownership and significantly accelerate the Group’s international water growth strategy.
The acquisition marks a pivotal step in TAQA’s strategy to establish a world-class, integrated global water platform.
GS Inima, which has its headquarters in Madrid, is involved in about 50 ongoing projects, including about 30 long-term PPPs, in a portfolio that includes water treatment (including industrial water and wastewater treatment technologies) and desalination.
With end-to-end experience in development, engineering, procurement and construction management (EPCm), and operations and maintenance (O&M), TAQA will greatly enhance its standing as a global low-carbon water champion by incorporating GS Inima’s capabilities.
Through the addition of RO plants, the acquisition will help TAQA achieve its goal of sourcing two-thirds of its water desalination capacity from energy-efficient reverse osmosis (RO) technology by 2030. TAQA’s 1,250 MIGD portfolio will immediately gain an additional 171 MIGD of desalination capacity.
GS Inima’s integrated offering across the water value chain will contribute an additional 1.2 million cubic meters per day (264 MIGD) of drinking water capacity and 2.6 million cubic meters per day (572 MIGD) of wastewater and industrial water treatment capacity to TAQA’s global water platform, as well as a water management business serving 1.3 million inhabitants.
GS Inima is expected to contribute to TAQA’s financial performance, with strong additions to EBITDA upon closing. In 2024, the company generated annual revenue of approximately EUR 389 million and EBITDA of EUR 106 million, reinforcing the quality and scale of earnings that TAQA expects to add to its portfolio.
The bulk of the company’s holdings (apart from the EPCm portion) are under long-term concession agreements with mechanisms for inflation adjustment, providing steady and predictable cash flows. Furthermore, TAQA’s operational efficiency and technical capabilities across its water platform will be improved by GS Inima’s cutting-edge digital technologies and emphasis on research and development, which will unlock long-term value.
The integration strengthens TAQA’s ability to scale smart water infrastructure and complements the Group’s broader strategy of expanding operational capabilities through a combination of project wins and targeted acquisitions.
Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, said, “This acquisition represents a transformational step in TAQA’s growth and water strategy. GS Inima brings proven operational and technical strength on a global scale, and we are proud to welcome them into the Group.
Together, we will accelerate our ambition to become a leading international water player, expanding our reach and capabilities across strategic growth markets in the Middle East, Europe, and the Americas, while delivering innovative, low-carbon water solutions to communities around the world.”
The acquisition builds on momentum from the past 12 months, during which TAQA took significant steps to broaden its water capabilities both at home and abroad. Domestically, the Group expanded its presence in wastewater and recycled water through the acquisition of Sustainable Water Solutions Holding, now operating as TAQA Water Solutions.
Globally, TAQA has pledged to support extensive infrastructure initiatives that promote sustainable water security, such as a number of development projects in Morocco and Uzbekistan. These programs have increased TAQA’s worldwide reach and reaffirmed its dedication to facilitating long-term water security in high-priority markets.
The transaction is subject to regulatory approvals and other closing conditions, customary for a transaction of this nature and is expected to close in 2026.
Source: Wam Ae
