Abu Dhabi National Energy Company (TAQA) has signed an agreement to acquire a 100 per cent stake in GS Inima, a Spain-based global leader in water treatment and water desalination, valued at approximately US$1.2 billion.
The transaction, which is subject to regulatory approvals and other closing conditions, is expected to close in 2026.
TAQA, the largest listed integrated utilities in Europe, the Middle East and Africa, reached an agreement with GS Engineering & Construction. It will bring GS Inima fully into TAQA’s ownership and significantly accelerate the Group’s international water growth strategy.
Headquartered in Madrid, GS Inima operates nearly 50 active projects, including 30 long-term public-private partnerships (PPPs), across a portfolio spanning water desalination and water treatment (including industrial water and wastewater treatment technologies). It has a presence in 10 countries, including Brazil, Mexico, the United States, and Oman, and will provide TAQA with immediate access to high-growth markets across Europe, Latin America, and Asia.
By integrating GS Inima’s capabilities, TAQA will significantly strengthen its position as a global low-carbon water champion, with end-to-end expertise across development, engineering, procurement and construction management (EPCm), and operations and maintenance.
It is expected to make strong additions to TAQA’s EBITDA upon closing. In 2024, GS Inima generated annual revenue of approximately EUR389 million (US$455.2 million) and EBITDA of EUR106 million (US$124 million). The majority of the company’s portfolio (excluding EPCm portion) operates under long-term concession agreements that include inflation-adjustment mechanisms, offering stable and predictable cash flows.
GS Inima’s advanced digital technologies and focus on R&D will also unlock long-term value by enhancing TAQA’s operational efficiencies and technical capabilities across its water platform.
Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, commented: “This acquisition represents a transformational step in TAQA’s growth and water strategy. GS Inima brings proven operational and technical strength on a global scale, and we are proud to welcome them into the Group.
“Together, we will accelerate our ambition to become a leading international water player, expanding our reach and capabilities across strategic growth markets in the Middle East, Europe, and the Americas, while delivering innovative, low-carbon water solutions to communities around the world.”
The acquisition will immediately add approximately 171 million imperial gallons per day (MIGD) of desalination capacity to TAQA’s 1,250 MIGD portfolio. It also helps advance TAQA’s goal to source two-thirds of its water desalination capacity from energy-efficient reverse osmosis (RO) technology by 2030.
GS Inima’s integrated offering across the water value chain will contribute an additional 1.2 million cubic meters per day (264 MIGD) of drinking water capacity and 2.6 million cubic meters per day (572 MIGD) of wastewater and industrial water treatment capacity to TAQA’s global water platform, as well as a water management business serving 1.3 million inhabitants.
The acquisition builds on momentum from the past 12 months, during which TAQA took significant steps to broaden its water capabilities both at home and abroad.
Domestically, the group expanded its presence in wastewater and recycled water through the acquisition of Sustainable Water Solutions Holding, now operating as TAQA Water Solutions.
Internationally, TAQA has committed to large-scale infrastructure projects that advance long-term water security, including several development projects in Morocco and Uzbekistan.
