Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities in the EMEA region, has signed a definitive agreement to acquire 100 percent of GS Inima, a global water treatment and desalination leader, from GS Engineering and Construction.
The $1.2 billion transaction is expected to close in 2026, pending regulatory approvals and customary conditions. The acquisition supports TAQA’s strategy to create a world-class, integrated global water platform.
Based in Madrid, GS Inima operates around 50 active projects, including approximately 30 public-private partnerships (PPPs), across ten countries including Spain, Brazil, Mexico, the United States, and Oman.
Its expertise in water desalination, wastewater, and industrial water treatment significantly enhances TAQA’s access to high-growth markets in Europe, Latin America, and Asia.
With this acquisition, TAQA will add 171 million imperial gallons per day (MIGD) of desalination capacity to its current 1,250 MIGD portfolio. GS Inima’s operations will also contribute an additional 264 MIGD (1.2 million cubic meters per day) of drinking water capacity and 572 MIGD (2.6 million cubic meters per day) in wastewater and industrial water treatment capacity. Additionally, the company manages water services for 1.3 million people.
Jasim Husain Thabet Group CEO & MD TAQA
“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.”
GS Inima reported annual revenue of approximately $420.8 million (EUR 389 million) and EBITDA of $114.7 million (EUR 106 million) in 2024. Most of its projects operate under long-term concession agreements with inflation-adjustment mechanisms, offering TAQA stable and predictable cash flows.
The acquisition also strengthens TAQA’s long-term position in reverse osmosis (RO) desalination, supporting its goal of sourcing two-thirds of its water desalination from energy-efficient RO technology by 2030. GS Inima’s digital innovations and research focus are expected to boost TAQA’s operational efficiencies.
TAQA has recently expanded its water capabilities through the domestic acquisition of Sustainable Water Solutions Holding and has committed to key international water projects in Morocco and Uzbekistan. The transaction is subject to regulatory approvals and other closing conditions, customary for a transaction of this nature and is expected to close in 2026.
