Abu Dhabi's TAQA Expands Global Water Operations With US$1.2 Billion Acquisition Of GS Inima

The Abu Dhabi National Energy Company, known as TAQA, recently announced a significant expansion in its water division. It has entered into a definitive agreement to purchase GS Inima, a prominent player in the water treatment and desalination sector, from GS Engineering & Construction. This move, valued at around $1.2 billion, brings GS Inima entirely under TAQA’s umbrella.

GS Inima, headquartered in Madrid, is at the forefront of the water industry with around 50 ongoing projects worldwide. These projects include around 30 long-term public-private partnerships (PPPs), showcasing a broad spectrum of services from water desalination to wastewater treatment technologies. This acquisition not only extends TAQA's operational footprint across 10 countries, including key markets like Spain, Brazil, Mexico, the USA, and Oman, but also sets the stage for the company to tap into burgeoning water markets globally.

By incorporating GS Inima, TAQA will bolster its stature as a leading international utility, enhancing its low-carbon water portfolio with expertise spanning the entire water management cycle. This strategic move enables TAQA to add approximately 171 million imperial gallons per day (MIGD) of desalination capacity to its existing 1,250 MIGD portfolio. Furthermore, GS Inima's prowess in reverse osmosis (RO) technology aligns with TAQA's ambition to derive two-thirds of its desalination capacity from this energy-efficient method by 2030.

The significance of this acquisition extends beyond capacity augmentation. GS Inima's diverse offerings will inject an additional 1.2 million cubic meters per day of drinking water capacity and 2.6 million cubic meters per day of wastewater and industrial water treatment capacity into TAQA's operations. Moreover, GS Inima's water management services cater to over 1.3 million people, emphasizing the scale and impact of this acquisition on TAQA's global water platform.

From a financial perspective, GS Inima is set to enhance TAQA's earnings significantly. With an annual revenue of approximately EUR 389 million and EBITDA of EUR 106 million in 2024, GS Inima promises to be a lucrative addition to TAQA's portfolio. The majority of GS Inima's operations, especially those outside the EPCm segment, are governed by long-term concession agreements with inflation-adjustment clauses, ensuring stable and predictable revenue streams for TAQA.

Moreover, the integration of GS Inima's advanced digital technologies and focus on research and development (R&D) promises to unlock long-term value for TAQA. This strategic alignment is expected to optimize operational efficiencies and technical capabilities across TAQA's water operations, furthering its commitment to scaling smart water infrastructure globally.

Jasim Husain Thabet, TAQA's group CEO and managing director, stated, "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."

This acquisition is a continuation of TAQA's aggressive expansion in the water sector. Over the past year, TAQA has made significant strides in enhancing its water capabilities, both domestically and internationally. This includes acquiring Sustainable Water Solutions Holding, now known as TAQA

Water Solutions, to expand its wastewater and recycled water operations within its home market. Additionally, TAQA has committed to several large-scale infrastructure projects in countries like Morocco and Uzbekistan, aligning with its strategic goals of securing long-term water resources and expanding its international footprint.

Pending regulatory approvals and customary closing conditions, the transaction is anticipated to be finalized in 2026. This strategic acquisition underscores TAQA's commitment to becoming a global water industry titan, providing innovative and sustainable water solutions across the globe.