EGA, TAQA, DUBAL Holding and EWEC sign Agreements to Decarbonise Aluminium Production and Expand Renewable and Clean Energy Development in Abu Dhabi

Emirates Global Aluminium (EGA), Abu Dhabi National Energy Company PJSC (TAQA), DUBAL Holding, and Emirates Water and Electricity Company (EWEC) announced the signing of a series of agreements to decarbonise EGA’s aluminium production and expand renewable and clean energy development in Abu Dhabi.

The agreements cement an initiative that advances TAQA and DUBAL Holding’s growth strategies,
makes EGA a leader in the global aluminium industry’s drive to net zero by 2050, supports EWEC’s
strategic optimisation of new solar power generation in Abu Dhabi, and improves the efficiency of power
generation in the Emirate enabling further reductions in greenhouse gas emissions.

The agreements were signed by Farid Al Awlaqi, Chief Executive Officer of TAQA’s Generation
business, Abdulnasser Bin Kalban, Chief Executive Officer of EGA, Ahmad Hamad Bin Fahad, Chief
Executive Officer of DUBAL Holding, and Ahmed Ali Alshamsi, Chief Executive Officer of EWEC, in the
presence of His Excellency Dr. Abdulla Humaid Al Jarwan, Chairman of the Abu Dhabi Department of
Energy, Homaid Al Shimmari, Chairman of Emirates Global Aluminium, and Jasim Husain Thabet,
Group Chief Executive Officer and Managing Director of TAQA.

TAQA and DUBAL Holding will acquire EGA’s power and water generation assets in Al Taweelah
for USD $1.9 billion (ca. AED 7 billion). The Al Taweelah power plant has a power capacity of 3.1
gigawatts (GW), is the third largest in Abu Dhabi, and includes 6.25 million imperial gallons per day of
desalination capacity. The plant utilises high-efficiency combined-cycle gas turbines and reverse
osmosis desalination technology. The generation assets will be held under a joint venture company,
with ownership shared equally between TAQA and DUBAL Holding, and operations managed by a new
operations and maintenance company jointly owned by TAQA and EGA.

The TAQA and DUBAL Holding joint venture signed a Power Purchase Agreement with EWEC
under which EWEC will purchase the power from the Al Taweelah plant until 2049. The plant will
provide flexible power supply, supporting the continued integration of renewables and clean energy into
the Abu Dhabi grid.

TAQA Transmission will acquire EGA’s electricity transmission assets, and it is currently
undertaking a project to increase the overall interconnection capacity from the main grid to EGA’s sites
from 640 to 3,360 megavolt-amperes (MVA), to allow for enhanced clean energy supply from the grid,
with completion expected in 2027.

EGA signed Abu Dhabi’s largest-ever electricity supply agreements with EWEC and TAQA
Distribution, which will make EGA the largest single electricity customer on the Abu Dhabi grid.
These agreements provide EGA with 23 terawatt hours (TWh) of electricity per year for 24 years, with
an increasing share from renewable and clean energy sources as EWEC’s transformative solar
electricity generation projects come online. EGA’s power demand supports EWEC’s continued
optimisation and utilisation of solar generation assets.

EWEC is accelerating the decarbonisation of Abu Dhabi’s energy sector, and by 2035 forecasts more
than 18GW of solar PV will be in operation, in addition to the decoupling of power and water production.
Due to these strategic actions, EWEC projects total CO2 emissions in the energy sector will decrease
around 50 per cent by the mid-2030s.

EGA will vastly increase the proportion of its production that is CelestiAL solar aluminium and
MinimAL low carbon aluminium produced using nuclear power to as much as almost half EGA’s
total primary aluminium production by the end of 2028, depending on market demand.

Production of CelestiAL and MinimAL will begin to increase from the fourth quarter of 2025, as EGA will
also have the ability to bid on increasing amounts of CECs for renewable and clean power from existing
solar and nuclear power generation assets.

EWEC will further improve the efficiency of the Abu Dhabi electricity generation fleet, as the addition of
EGA’s generation capacity to the grid enables further flexibility in the management of electricity
despatch in response to demand fluctuations. This is expected to reduce gas consumption per unit of
electricity generated, and contribute towards TAQA and EWEC achieving its greenhouse gas emission
reduction targets for electricity generation in Abu Dhabi.

EGA and EWEC will share the financial benefits that directly derive from this initiative on an ongoing
basis.

The total greenhouse gas emissions reduced by the initiative is expected to be 3.5 million tonnes
annually by 2035, more than three per cent of Abu Dhabi’s total current emissions.

The transaction is subject to regulatory approvals and other closing conditions, customary for a
transaction of this nature and is expected to close in the new year.

His Excellency Dr. Abdulla Humaid Al Jarwan, Chairman of the Abu Dhabi Department of Energy,
said: “These agreements demonstrate Abu Dhabi’s approach in action – delivering reliable and
sustainable energy to enable the growth of a manufacturing industry, while minimising carbon footprint.
The Department of Energy partnered with EWEC, TAQA, DUBAL Holding and EGA in bringing this
initiative to the finish line. This depth of partnership is only possible in Abu Dhabi, where enabling
ecosystems, strong collaboration, supporting regulations, clear policy, and a future-focused approach
enable communities and industries to thrive.”

Abdulnasser Bin Kalban, Chief Executive Officer of EGA, said: “This initiative is one of the largest
decarbonisation projects ever in the global aluminium industry, and makes EGA a leader in our
industry’s drive towards a more sustainable future. For our global customers, it significantly increases
the availability of low carbon ‘premium aluminium’, strengthening the role of our metal as an essential
material to make modern life possible. For our current and potential future investors, it reinforces EGA’s
competitiveness not only as the biggest ‘premium aluminium’ producer in the world but also one of the
most sustainable.”

Jasim Husain Thabet, Group Chief Executive Officer and Managing Director of TAQA, said:
“Today’s agreements demonstrate the strength and breadth of TAQA’s integrated model, spanning
generation, transmission and distribution. The acquisition of EGA’s Al Taweelah power assets enhances
our portfolio and supports our 2030 ambition of reaching 150 GW of power generation capacity globally.
With our proven expertise in operating critical transmission and distribution infrastructure, we are well
positioned to deliver reliable and efficient power to meet the increasing demand of industry and
communities. Importantly, by connecting EGA to the Abu Dhabi grid, we are collectively enabling the decarbonisation of one of the UAE’s important industries, significantly reducing their emissions and
further advancing our ambition for a cleaner energy future.”

Ahmad Hamad Bin Fahad, Chief Executive Officer of DUBAL Holding, said: “These agreements
mark a key step toward driving sustainable industrial growth across the United Arab Emirates. We are
pleased to partner with EGA, TAQA, and EWEC and this reinforces DUBAL Holding’s commitment to
driving the country’s clean energy transition and positioning the UAE as a global leader in low-carbon
aluminium production. Through targeted investments in low-emission power infrastructure, we are not
only enabling sustainable manufacturing but also supporting the goals of the UAE’s Net Zero by 2050
Strategy, creating long-term value for both the economy and the wider society”.

Ahmed Ali Alshamsi, Chief Executive Officer of EWEC, said: “This landmark partnership redefines
what is possible for sustainable industrial growth. Long-term collaboration between the energy sector
and major industrial companies can deliver significant reductions in carbon emissions and accelerate
the decarbonisation of energy-intensive manufacturing. EWEC is uniting our world-leading renewable
and clean energy capabilities with the expertise of our partners, advancing the decarbonisation of
aluminium production, and setting a new global benchmark for how UAE industries can lead and thrive
on the international stage while accelerating toward a net-zero future.”