TAQA Acquires GS Inima to Expand Global Low-Carbon Water Role

Abu Dhabi National Energy Company, commonly known as TAQA, has taken a significant step in expanding its presence in the global water sector. The company has signed an agreement to acquire GS Inima, a Madrid-based water company, for $1.2 billion. This acquisition will strengthen TAQA’s position as a leading global provider of low-carbon water solutions.

Expanding TAQA’s Global Reach

GS Inima has an established presence in 10 countries, including Brazil, Mexico, the United States, and Oman. With this acquisition, TAQA gains immediate access to high-growth markets across Europe, Latin America, and Asia, making it easier for the company to expand its global operations. This move aligns with TAQA’s vision of becoming a world leader in energy-efficient water solutions.

The acquisition is currently subject to regulatory approvals and other standard closing conditions, which are normal for transactions of this size. The deal is expected to be completed in 2026.

Major Increase in Water Capacity

The purchase of GS Inima will immediately increase TAQA’s capacity to provide both drinking water and wastewater treatment. The acquisition adds:

• 1.2 million cubic metres per day of drinking water capacity.

• 2.6 million cubic metres per day of wastewater and industrial water treatment capacity.

GS Inima operates 50 active projects, including 30 long-term public-private partnerships (PPPs). These projects cover the full range of the water industry, from desalination to wastewater treatment, offering TAQA an integrated approach to water management.

Strengthening Desalination Capabilities

One of TAQA’s key goals is to source two-thirds of its water desalination capacity from energy-efficient reverse osmosis (RO) technology by 2030. The acquisition of GS Inima will help achieve this target through the addition of several RO plants.

The deal will add approximately 171 million imperial gallons per day (MIGD) of desalination capacity to TAQA’s existing 1,250 MIGD portfolio, significantly increasing its water production capabilities.

Integrated Water Services and Population Reach

GS Inima’s wide range of services covers the entire water value chain, allowing TAQA to expand beyond just water production. The acquisition will add:

• 1.2 million cubic metres per day (264 MIGD) of drinking water.

• 2.6 million cubic metres per day (572 MIGD) of wastewater and industrial water treatment.

Additionally, the water management services of GS Inima will now serve 1.3 million inhabitants, strengthening TAQA’s ability to manage urban water demands effectively.

Strong Financial Contribution

GS Inima is expected to boost TAQA’s financial performance immediately after the deal closes. In 2024, GS Inima generated:

• €389 million in revenue

• €106 million in EBITDA

This demonstrates the high-quality and reliable earnings that TAQA expects to add to its growing portfolio.

Most of GS Inima’s projects operate under long-term concession agreements, which include mechanisms to adjust for inflation. This ensures stable and predictable cash flows for TAQA.

Digital Technologies and Research & Development

GS Inima also brings advanced digital technologies and a strong focus on research and development (R&D). These capabilities will allow TAQA to:

• Improve operational efficiencies

• Enhance technical capabilities

• Deliver long-term value to its water platform

By integrating GS Inima’s technology and expertise, TAQA will strengthen its ability to scale smart water infrastructure and operate efficiently across all markets.

Supporting TAQA’s Broader Strategy

The acquisition aligns with TAQA’s broader strategy to expand operational capabilities through a combination of new project wins and targeted acquisitions. Over the past year, TAQA has made several moves to strengthen its water capabilities, both locally and internationally.

Domestically, TAQA acquired Sustainable Water Solutions Holding, now operating as TAQA Water Solutions, which expanded the company’s presence in wastewater and recycled water.

Internationally, the company is committed to large-scale infrastructure projects that aim to improve long-term water security. This includes several development projects in Morocco and Uzbekistan, demonstrating TAQA’s commitment to providing sustainable water solutions in priority markets.

Long-Term Impact

By acquiring GS Inima, TAQA not only strengthens its global footprint but also positions itself as a leader in energy-efficient, low-carbon water solutions. The combination of high-growth markets, advanced technologies, and integrated services will allow TAQA to serve more people while improving operational efficiencies.

This acquisition also supports TAQA’s environmental goals by promoting the use of RO desalination technology, which is less energy-intensive than traditional methods. It highlights the company’s commitment to sustainable and low-carbon water management.

TAQA’s acquisition of GS Inima is a major step forward in its journey to become a global water leader. With expanded capacities, access to new markets, advanced technology, and a strong financial contribution, this deal strengthens TAQA’s ability to deliver sustainable, low-carbon water solutions worldwide.

The integration of GS Inima will allow TAQA to serve millions more people, operate more efficiently, and continue leading the way in smart and energy-efficient water infrastructure. With regulatory approvals expected and the deal closing in 2026, the future looks promising for TAQA and its growing global water platform.