Abu Dhabi’s TAQA (TAQA.AD) is actively seeking to acquire companies in the United States and other locations, according to its chief executive, Jasim Husain Thabet. The state-owned utility is focused on international expansion and is striving to meet its ambitious growth targets.

“The U.S. is a key market for us,” Thabet stated during an interview with Reuters, emphasizing that TAQA would pursue opportunities if the right situation arises. However, he did not reveal any specific targets for acquisition.

ADPower, a subsidiary of the Abu Dhabi sovereign wealth fund ADQ, controls just over 90% of TAQA. In recent years, TAQA has made investments in various markets, including the United States. Notably, TAQA’s Masdar unit acquired a 50% stake in U.S. renewable energy firm Terra-Gen last year.

The United Arab Emirates (UAE) announced earlier this month that it intends to increase its energy investments in the U.S. to $440 billion over the next decade. This initiative aims to support U.S. President Donald Trump’s efforts to secure significant business deals during his Gulf tour.

TAQA has set a goal to invest approximately $20 billion between 2023 and 2030 in both organic and inorganic growth, aiming to achieve a total capacity of 150 gigawatts by the end of this period, up from the current 56 gigawatts.

Thabet indicated that TAQA would prefer to acquire a fully integrated company that includes generation capabilities, networks, and a “pipeline of growth.” When asked about potential investment opportunities in Syria, where the recent lifting of U.S. sanctions has opened the door for foreign investments, he mentioned that it is still early to make any decisions, but the company will keep an eye on developments.

In October, TAQA successfully raised $1.75 billion through a bond sale. Thabet noted that the firm does not urgently need to raise additional debt but may consider tapping the markets again if a significant merger and acquisition deal arises.

He also clarified that TAQA has not engaged in talks this year with Naturgy’s (NTGY.MC) shareholders regarding a stake in the Spanish utility. This follows the abandonment of discussions nearly a year ago, contradicting a news report from March. Thabet refrained from commenting on the reasons behind the breakdown of talks concerning investor Criteria’s 26.7% stake in Naturgy, stating that “certain things that there was no agreement on” led to the decision. He emphasized the importance of focusing on future M&A opportunities.