TAQA to buy GS Inima for $1.2bn to expand global water business

Abu Dhabi National Energy Company (TAQA) has agreed to acquire GS Inima, a Spanish-headquartered water treatment and desalination firm, from GS Engineering & Construction in a $1.2bn deal, expanding its international water platform.

The transaction will give TAQA full ownership of GS Inima, which operates about 50 projects including around 30 long-term public-private partnerships.

The Madrid-based company has operations in 10 countries, among them Spain, Brazil, Mexico, the US and Oman.

Building a global water platform

The Abu Dhabi-based company said the acquisition marks a step towards building a global water platform, adding 171 million imperial gallons per day (MIGD) of desalination capacity to its existing 1,250 MIGD portfolio.

GS Inima will also bring 264 MIGD of drinking water capacity and 572 MIGD of wastewater and industrial treatment capacity, as well as a water management business serving 1.3 million people.

The deal supports TAQA’s target of sourcing two-thirds of its desalination capacity from reverse osmosis technology by 2030.

GS Inima reported revenue of about EUR389m euros ($419m) and EBITDA of EUR106m in 2024. Most of its portfolio, excluding engineering and procurement activities, operates under long-term concession agreements that include inflation-adjustment mechanisms.

“GS Inima brings proven operational and technical strength on a global scale, and we are proud to welcome them into the group,” said TAQA’s group CEO and MD Jasim Husain Thabet.

“Together, we will accelerate our ambition to become a leading international water player, expanding our reach and capabilities across strategic growth markets.”

TAQA has expanded its portfolio over 2024

TAQA, one of the largest listed integrated utilities in Europe, the Middle East and Africa, has expanded its water activities over the past year, including the acquisition of Sustainable Water Solutions Holding in the UAE.

It has also pursued international projects in Morocco and Uzbekistan.

The deal is subject to regulatory approvals and closing conditions and is expected to complete in 2026.

In other news, last week, the energy company said it had secured an Dhs8.5bn ($2.3bn) two-year corporate term loan facility, with an option to extend for a further year, to support its growth strategy and capital planning.

The loan, arranged by Emirates NBD, First Abu Dhabi Bank and Mashreq Bank, is denominated in dirhams to match TAQA’s income profile and benefit from local liquidity.

The company said the facility strengthens its funding flexibility alongside its $20bn global medium-term note programme and $3.5bn revolving credit facility.

Read: Mubadala, TAQA acquire 875MW gas-fired power plant in Uzbekistan

Earlier this month, the company reported its H1 2025 results. Its revenue hit Dhs28.4bn, up 4.5 per cent year-on-year, driven by higher pass-through costs in its transmission and distribution segment.

EBITDA fell 11 per cent to Dhs10.2bn and net income dropped nearly 20 per cent to Dhs3.7bn, reflecting lower oil and gas production, weaker prices and higher financing costs, though the company said its core utilities businesses continued to deliver solid profitability.

Steve Ridlington, Chief Financial Officer at TAQA, reviews the company’s performance for the first half of 2025 and shares his financial insights.#TAQA #PoweringAThrivingFuture pic.twitter.com/RuGCjVI8gB

— TAQA (@TAQAGroup) August 14, 2025