Abu Dhabi state owned oil firm TAQA has acquired a UK company working on a proposed interconnector cable between Scotland and Northern Ireland.
Transmission Investment (TI) is one of the UK’s largest operators of offshore transmission (OFTO) assets, connecting offshore wind farms to the UK grid.
The company is advancing the 700 MW LirIC interconnector, which would connect Hunterston in Ayrshire with Kilroot in Northern Ireland via a 142km cable under the Irish Sea.
© Supplied by Transmission InvestmTI is also developing the 2 GW France-Alderney-Britain (FAB) interconnector project and the 500 MW LaSGO Link between Sweden and Latvia via the island of Gotland in the Baltic Sea.
Founded in 2009, TI maintains approximately £3 billion of assets under management in relation to its existing portfolio of 11 OFTO assets.
Last week, UK regulator Ofgem appointed a TI-led consortium as the preferred bidder for the Moray West OFTO.
TAQA Transmission
Announcing the deal, TI said the strategic acquisition strengthens TAQA’s position in the offshore electricity transmission sector.
The transaction will provide TAQA with a team of more than 40 full-time employees at TI, with the firm set to become part of TAQA Transmission.
TAQA Transmission chief executive Dr Afif Saif Al Yafei said transmission grids are “essential” for enabling the global energy transition.
“IRENA estimates that from 2024 to 2030, around USD 717 billion per year must be invested in grid infrastructure and flexibility measures to align with a pathway that is compatible with a 1.5°C scenario,” he said.
“That is why we are pleased to announce TAQA Transmission’s first international acquisition, strengthening our growing portfolio and reinforcing TAQA’s role as a global leader in low-carbon power and water solutions.
“This deal will allow us to leverage the significant capabilities of TI to support our international growth strategy while contributing to the UK’s 2050 Net Zero programme and our wider sustainability ambitions.”
TI founder and managing director Dr Chris Veal said the backing of TAQA will enable the firm to “continue to grow”.
“The UK’s targets of 50GW of offshore wind by 2030, and net zero by 2050, require a huge expansion of offshore and onshore transmission,” he said.
“TI is ready to contribute to this expansion.
“As a leader in the delivery of competitive UK transmission, we are committed to doing so cost-effectively for UK consumers, while ensuring safety and acting responsibly towards society and the environment.”
TI said Veal will continue to lead the firm following the TAQA takeover.
