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Taqa submits binding offer for GS Inima

22 April 2025

 

Abu Dhabi National Energy Company (Taqa) has submitted a binding offer to acquire Madrid-headquartered water desalination developer and investor GS Inima from its parent firm, South Korea-based GS Engineering & Construction.

According to an industry source, negotiations are under way after Taqa submitted a lone bid to acquire the company last month.

Taqa and a pension fund from Canada were understood to have been shortlisted to bid in the sale of GS Inima.

It is understood that the Canadian pension fund did not submit a bid.

South Korea-based media reported in October 2024 that the sales contract was expected to be finalised "as early as the beginning of next year".

GS Inima is estimated to be valued at about KRW1.3tn ($836m) to KRW2tn ($1.4bn). MEED understands that GS Inima's revenue reached KRW493bn in 2023 and its net profit was KRW52.2bn.

GS Engineering & Construction acquired Inima from Spanish builder Obrascon Huarte Lain for an estimated $312.4m in 2011. 

It saw off competition 14 years ago from three contenders in the final bidding round, which included fellow South Korean contracting firm Posco Engineering & Construction.

In the Middle East and North Africa region, GS Inima won the contract to develop and operate the Shuweihat 4 independent water project in Abu Dhabi in 2023. The $44m seawater reverse osmosis desalination project reached financial close in December last year.

It is also leading the team that is developing two independent water projects in Oman, while actively pursuing new contracts in Saudi Arabia and Bahrain, as well as in North Africa.

A successful bid by Taqa will further expand its portfolio, which comprises Abu Dhabi power transmission and water distribution, water treatment and energy services companies, in addition to power generation fleets.

Photo credit: Taqa Fujiarah 2 (F2) plant

https://image.digitalinsightresearch.in/uploads/NewsArticle/13731091/main2930.jpg
Jennifer Aguinaldo

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