UAE’s ADPower offers assets swap deal to its subsidiary TAQA

Abu Dhabi Power Corporation (ADPower), a subsidiary of government-owned Abu Dhabi Development Holding Company PJSC, has submitted an offer for transferring majority of its electricity generation, transmission and distribution (T&D) and water companies to one of its subsidiaries – Abu Dhabi National Energy Company (TAQA), in return for 106,367,950,000 convertible shares in the latter and termination of the land lease agreement between both the companies.