Abu Dhabi’s TAQA has agreed to acquire Spain-based GS Inima for $1.2 billion, a move designed to accelerate its entry into international water markets. The deal positions GS Inima’s desalination and treatment expertise at the heart of TAQA’s strategy to expand beyond energy into water services worldwide.
GS Inima operates around 50 active projects and holds long-term public-private partnerships in ten countries, spanning Europe, Latin America, North America and the Middle East. Its portfolio includes large-scale desalination plants and municipal wastewater systems, giving TAQA instant access to established operations and engineering teams.
The transaction immediately lifts TAQA’s desalination capacity by 171 million imperial gallons per day, augmenting its existing portfolio of 1,250 MIGD. It also brings 2.6 million cubic meters of industrial and municipal water treatment capacity under TAQA’s umbrella, fast-tracking its ambition to source two-thirds of output from energy-efficient reverse osmosis by 2030.
TAQA will fund the purchase from its own balance sheet, in line with its pledge to invest roughly $20 billion through 2030 in both internal growth and acquisitions. Earlier this year, TAQA backed major water projects in Morocco and Uzbekistan, underscoring its determination to build a global water platform alongside its core power and gas operations.
Inima reported revenues of €389 million and an EBITDA of €106 million in 2024, underpinned by concession-style contracts that feature inflation-linked pricing and multi-decade tenors. These characteristics promise stable cash flows and strong visibility for TAQA’s newly acquired water business.
By integrating GS Inima’s end-to-end capabilities, from development and engineering to procurement, construction management and operations, TAQA aims to become a low-carbon leader in water infrastructure.
Subject to customary regulatory approvals, the deal is expected to close in 2026. TAQA plans to leverage GS Inima’s footprint to pursue new desalination and treatment contracts in high-growth markets across Asia, Europe and the Americas, where demand for reliable, energy-efficient water solutions is rising.
As climate pressures and population growth drive the need for resilient water supplies, TAQA’s $1.2 billion GS Inima deal signals its commitment to diversify and compete in a sector critical to economic and environmental security.
