Abu Dhabi National Energy Company PJSC (TAQA) has confirmed that it will not proceed with the acquisition of shares in Naturgy Energy Group SA (BME:NTGY), according to a brief disclosure issued on Tuesday. This decision marks the conclusion of discussions between TAQA and Criteria Caixa SA, the main shareholder of the Spanish utility.
“In April, TAQA and Criteria Caixa were in discussions regarding a potential partnership involving Naturgy, specifically considering the acquisition of shares held by CVC and GIP,” stated TAQA in its disclosure.
Criteria Caixa also confirmed on Monday that negotiations did not result in an agreement but affirmed its commitment to maintaining a long-term investment position in Naturgy.
Naturgy, as outlined in an April presentation, boasts an impressive portfolio with 17 GW of installed capacity, with 40% derived from renewable sources such as solar, wind, and hydro. The company additionally has a robust project pipeline exceeding 19 GW.
This development underscores the complexities and competitive dynamics within the energy sector as stakeholders navigate strategic partnerships and investment decisions amidst evolving market conditions.
