\n THE company behind plans to build an electricity interconnector between Scotland and Northern Ireland has been taken over by an Abu Dhabi state firm.\u00a0\n<\/p>\n
\n Transmission Investment (TI), which is working on a proposal to connect Scotland\u2019s and Northern Ireland\u2019s energy grids by 142 km of undersea cables, has been bought by the utility company TAQA, which is owned by the government of the Emirate of Abu Dhabi.\u00a0\n<\/p>\n
\n Founded in 2009, TI is an electricity infrastructure company that focuses on connecting offshore wind energy generation to UK energy grids.\u00a0\n<\/p>\n
\n The firm has been consulting with the UK and Irish governments on the LirIC interconnector, which would see two converter stations in Hunterston, Scotland, and Kilroot, Northern Ireland, to effectively link the two electricity grids.\u00a0\n<\/p>\n
\n TI said\u00a0that the project would provide \u201c700MW of further capacity between the Irish Integrated Single Energy Market (I-SEM) and the GB wholesale electricity market\u201d, the Belfast Telegraph have reported.\u00a0\n<\/p>\n
\n The company says they are discussing the project, which is still in the development phase, with the governments of both the UK and the Republic of Ireland.\u00a0\n<\/p>\n
\n Dr Chris Veal, founder and managing director of TI, said: \u201cWe are pleased that TAQA has acquired Transmission Investment.\u00a0\n<\/p>\n
\n \u201cTAQA\u2019s experience, capability and backing will enable TI to continue to grow and play its part in the development of the UK transmission system in support of the energy transition.\u00a0\n<\/p>\n
\n \u201cThe UK\u2019s targets of 50GW of offshore wind by 2030, and net zero by 2050, require a huge expansion of offshore and onshore transmission.\u00a0\n<\/p>\n
\n \u201cTI is ready to contribute to this expansion. As a leader in the delivery of competitive UK transmission, we are committed to doing so cost-effectively for UK consumers, while ensuring safety and acting responsibly towards society and the environment.\u201d\u00a0\n<\/p>\n
\n Founded in 2005, TAQA is a utilities and energy company based in Abu Dhabi and is owned by the Emirati state and operates in 25 countries.\u00a0\u00a0\n<\/p>\n
\n TAQA says it views the purchase as strengthening its position in offshore electricity transmission and sees TI as \u201cready\u201d to enter the onshore electricity transmission market.\u00a0\n<\/p>\n
\n Dr Afif Saif Al Yafei, CEO of TAQA Transmission, said: \u201cTransmission grids are essential for enabling the global energy transition.\u201d\u00a0\n<\/p>\n
\n \u201cIRENA estimates that from 2024 to 2030, around $717bn per year must be invested in grid infrastructure and flexibility measures to align with a pathway that is compatible with a 1.5\u00b0C scenario.\u00a0\n<\/p>\n
\n \u201cThat is why we are pleased to announce TAQA Transmission\u2019s first international acquisition, strengthening our growing portfolio and reinforcing TAQA\u2019s role as a global leader in low-carbon power and water solutions.\u00a0\n<\/p>\n
\n \u201cThis deal will allow us to leverage the significant capabilities of TI to support our international growth strategy while contributing to the UK\u2019s 2050 Net Zero programme and our wider sustainability ambitions.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"THE company behind plans to build an electricity interconnector between Scotland and Northern Ireland has been taken over…\n","protected":false},"author":2,"featured_media":33112,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5011],"tags":[1500,4044,5686,5681,12,5683,5682,5684,1144,5685,16,15,263],"class_list":{"0":"post-33111","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-northern-ireland","8":"tag-breaking-news","9":"tag-daily-news","10":"tag-global-news","11":"tag-inkl","12":"tag-news","13":"tag-news-app","14":"tag-news-headlines","15":"tag-news-today","16":"tag-northern-ireland","17":"tag-today-news","18":"tag-uk","19":"tag-united-kingdom","20":"tag-world-news"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114365022084572413","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/33111","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=33111"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/33111\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/33112"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=33111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=33111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=33111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}