TAQA FY 2020 Proforma Consolidated Results and Dividend Policy
2020 a year of great progress, change and achievement for TAQA
...despite unprecedented circumstances surrounding the COVID-19 pandemic
Transaction with ADPower
February ADPower offer received by
TAQA
April TAQA Board recommend
transaction to shareholders who
approve transaction at Annual
General Assembly
1 July Transaction completed inside
six months from date of offer
Credit ratings upgrades
July Rating agencies issue multi-
notch upgrades to standalone / final
ratings (Moody's to baa1/Aa3
stable; Fitch to bbb+ / AA- stable).
TAQA rated one-notch below Abu
Dhabi sovereign
TAQA commits to solid investment
grade standalone credit ratings
Positive market reaction
Share price increases ~200% by
end of 2020 compared to ADX
market index up 1%
Bond spreads to Abu Dhabi
sovereign curve tighten significantly
and trade flat to Mubadala curve
New oil and gas operatorships
January TAQA secures transfer of
operatorship of Brae fields from
RockRose Energy
October Transfer of operatorship
complete following transition period.
Transmission grid connections
August Unit 1 of Barakah Nuclear
plant (1.4GW) connected to grid via
950km+ of high voltage power lines
New dividends and policy
December Shareholders approve
new dividend policy. Interim cash
dividend paid - the first since 2012
Increased gas storage capacity
August Dutch govt. grants perm-
ission to increase storage at GSB,
after two-year permit process.
Morocco PPA extension
and debt refinancing
January TAQA extends PPA for
JLEC 1-4 IPP by 17 years to 2044 to
match JLEC5&6 PPA tenor
September New US$ 300mn private
placement reduces debt cost by
>20% whilst extending maturities by
11 years
FY 2020 cost savings
OPEX down 1%, G&A down 8%,
Finance costs down 8%
Lifting foreign ownership
restrictions
November Board resolves to lift
foreign ownership limit in TAQA
shares to 49% from 0% (ownership
previously restricted to UAE
institutions and nationals)
Progress on growth projects
July financial close for Fujairah F3,
UAE's largest gas-fired (CCGT)
independent power project (IPP)
December financial close for Al
Dhafra PV, world's largest single-site
solar photovoltaic plant
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