FOR IMMEDIATE RELEASE:

TAQA Group Unveils 2030 Strategy for Sustainable

and Profitable Growth

TAQA to substantially increase its gross power and water desalination

capacity in the UAE and internationally, particularly through highly
efficient solar power and reverse osmosis technologies

TAQA to invest an additional AED 40 billion in its UAE Regulated Asset

Base, enhancing its Transmission and Distribution business

TAQA will focus on commercially viable opportunities to reduce

exposure in oil and gas

Abu Dhabi, UAE – March 24, 2021: Abu Dhabi National Energy Company PJSC
(“TAQA”, the “Company” or the “Group”), one of the largest listed integrated utility
companies in the region, announced today its 2030 vision for sustainable and
profitable growth. The strategic plan places at its core the global acceleration of the
energy transition, and TAQA’s ambition to become a champion for low carbon power
and water.

TAQA’s new strategy builds upon its identity post the TAQA and Abu Dhabi Power
Corporation (ADPower) transaction, in July 2020, to focus on being a regionally
leading fully integrated utility. As part of the plan, TAQA will drive efficiency from its
existing assets while strengthening its development, operations and digital
competencies.

Growth is expected through meeting increased power, water and network capacity
needed in its home market of the UAE, as well as from selective opportunities
internationally. TAQA’s business will be anchored in ESG principles and practices. As
part of that commitment the company is working to develop and publish greenhouse
gas emission reduction targets.

In addition, the company will remain focused on its financial strengths including
protecting its stand-alone investment grade credit ratings and delivering on its recently
announced dividend policy. This strong financial stewardship will complement the
company’s ambitious and more focused growth strategy. Following the recent decision
to allow foreign investors to own up to 49% of TAQA’s issued shares, the company
still expects to release a follow-on public offering, subject to market conditions and
shareholder approval.

Strategic Plan 2030 Highlights:

Generation:
• Increase gross power capacity from 18 GW to 30 GW in the UAE, and add up
to 15 GW internationally
• Expand highly efficient reverse osmosis technologies to make up two-thirds of
its desalination capacity by 2030 with 200 MIGD already under construction
• Focus on renewable energy – particularly solar photovoltaic (PV) – to comprise
more than 30% of the power generation portfolio by 2030, up from the current
5%

Transmission & Distribution:

• Execute substantial UAE-based infrastructure and networks growth projects
and invest an additional AED 40 billion by 2030 to grow its UAE Regulated
Asset Base
• Continued focus on operational excellence, optimization and digitization across
the entire value chain to become a role-model for high-performing and efficient
transmission and distribution alongside improving the service for its customers
• Further strengthen the position of its operating company, Abu Dhabi Energy
Services (ADES), and grow new services in demand-side management,
enabling public and private entities to realize energy savings targets

Oil & Gas:

• Focus on commercially viable opportunities to reduce exposure to the
hydrocarbon sector
• Continue to pursue top quartile operations performance
• Highly selective capital allocation focusing on portfolio rationalization for value

H.E. Mohamed Hassan Al Suwaidi, Chairman of TAQA, commented: “TAQA has

the support of our shareholders for this new strategy and is on its way to become the
recognized low carbon power and water champion from Abu Dhabi, and this strategy
sets out how the company will achieve this ambition. As we emerge from the
pandemic, around the world there will be an increasing focus on the need for clean,
reliable and sustainable sources of power and water. TAQA is uniquely positioned to
use its platform to play a key part in meeting Abu Dhabi’s own ambitions in this space,
as well as taking its expertise to international markets where it can add value.
Over and above the current strategic plan, TAQA will continue to capitalize on its
unique position as the UAE’s utilities champion and leverage the UAE’s strong
relationships to drive power solutions across the region and globally, as well as
consolidate its position within the UAE to deliver on national objectives.”

Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing
Director, commented: “TAQA will become a champion for low carbon power and
water. This strategy sets out how we are going to deliver on this promise and our vision
for the future. We will build on our strengths and use the unique position we have in
Abu Dhabi as a platform for growth in the UAE and internationally. We will expand our
portfolio of renewables and highly efficient water desalination, drive efficiency in our
networks and distribution business and invest in growing the UAE Regulated Asset
Base.

As one of the largest integrated utilities in the region, we are well placed to be at the
heart of meeting the accelerating demand for low carbon power and water. We have
a strong pipeline of existing projects and are ready to seize further opportunities in a
way that benefits our stakeholders - from shareholders to employees and customers.”

Since the TAQA-ADPower transaction in July 2020, the company received upgrades
to its issuer ratings to Aa3 from A3 and a standalone rating of baa1 (from Moody’s)
and AA- from A and standalone rating to bbb+ (from Fitch).

In December of last year, TAQA’s shareholders approved a new dividend policy for
2020-2022, which will see TAQA introduce quarterly dividend payments to its
shareholders and an annual increase of 10% to returns in 2021 and 2022. It also
approved up to 49% of foreign ownership of TAQA to diversify the company’s investor
base, improve stock liquidity and support the Government’s objectives to encourage
foreign investment into the UAE.

Notes to the Editor:

In the UAE, TAQA has several projects currently under construction and development.

Under construction:
• Fujairah F3 – the UAE’s largest independent gas-fired power plant, which will
have a power generation capacity of 2.4 GW
• Taweelah RO – the world’s largest reverse osmosis water desalination plant,
which upon completion, will have a capacity of 200 MIGD as well as 50 MW of
onsite solar to boost its efficiency

Under development:
 • Al Dhafra Solar Photovoltaic (PV) Power Plant – the world’s largest single-site
solar PV plant, totalling 2 GW, which achieved one of the most competitive
tariffs for solar power at 1.32 US cents per kilowatt hour

###

For investor enquiries, please contact: Shadi Salman, CFA (ir@taqa.com)

For media enquiries, please contact: LeAnne Graves (media.hq@taqa.com)

About TAQA
Established in 2005, TAQA is a diversified utilities and energy group headquartered in
Abu Dhabi, the capital of the United Arab Emirates, and is listed on the Abu Dhabi
Securities Exchange (ADX: TAQA). TAQA has significant investments in power and
water generation, transmission and distribution assets, as well as upstream and
midstream oil and gas operations. The company's assets are in the United Arab
Emirates as well as Canada, Ghana, India, Iraq, Morocco, Oman, the Netherlands,
Saudi Arabia, the United Kingdom and the United States. For more information, please
visit: www.taqa.com.