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TAQA looking for M&A deals, eyes US market

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Still early but could look at Syria investment, CEO says

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TAQA currently not in talks with Naturgy's shareholders

By Federico Maccioni

DUBAI, May 27 (Reuters) - Abu Dhabi's TAQA is

exploring buying companies in the United States and elsewhere,

its chief executive told Reuters, as the state-owned utility

continues its international expansion and strives to reach

ambitious growth targets.

"The U.S. is a key market for us," and "if the right

opportunity presents itself for TAQA, we would be pursuing

that," Jasim Husain Thabet said in an interview, without

disclosing specific targets.

ADPower, a unit of Abu Dhabi sovereign wealth fund ADQ, owns

just over 90% of TAQA, which in recent years has been investing

in companies and projects across several markets including the

United States. TAQA's Masdar unit last year acquired a 50% stake

in U.S. renewable energy firm Terra-Gen.

The United Arab Emirates said this month it planned to raise

its energy investments in the U.S. to $440 billion in the next

decade, boosting U.S. President Donald Trump's efforts to secure

major business deals on a Gulf tour.

TAQA has said it aims to spend around $20 billion between

2023 and 2030 on organic and inorganic growth, aiming for 150

gigawatts of capacity by the end of that period, up from around

56 GW now.

Thabet said that TAQA would generally prefer to acquire a

fully integrated company with generation, networks and "a

pipeline of growth".

Asked about possible investment opportunities in Syria,

where the lifting of U.S. sanctions has cleared the way for

foreign investments, Thabet said it was too early, but that the

company would monitor the situation.

TAQA, which raised $1.75 billion from a bond sale last

October, does not immediately need to raise more debt but might

tap markets again if a large M&A deal materialises, he said.

The firm has not held talks this year with Naturgy's

shareholders about buying a stake in the Spanish

utility after such discussions were abandoned nearly a year ago,

Thabet said, contradicting a news report from March.

He declined to comment on why talks to buy investor

Criteria's 26.7% stake in Naturgy had broken down, saying only

that there were "certain things that there was no agreement on".

"And it's fine when there's no agreement. Everyone walks

their way. And it's important that we focus on the future and

other M&A opportunities."