Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA), Mubadala Investment Company, and Abu Dhabi National Oil Company (ADNOC) concluded a deal to become shareholders in Abu Dhabi Future Energy Company (Masdar).
Under the binding agreements which were signed last June, TAQA held a 43% stake in Masdar for $1.02 billion (AED 3.7 billion), whereas Mubadala and ADNOC acquired 33% and 24% equities, respectively.
The three firms will boost Masdar's growth under an expanded mandate covering renewable power, green hydrogen, and other enabling clean energy technologies, according to a press release.
Meanwhile, Masdar plans to produce at least 100 gigawatts (GW) of renewable energy globally by 2030, mostly from wind and solar technologies. The company also intends to develop over 200 GW of renewable energy to anchor its position as a world leader in the renewable energy sector.
Furthermore, Masdar’s new business targets an annual green hydrogen production capacity of up to 1 million tonnes by 2030, which will be saving over 6 million tonnes of carbon dioxide (CO2) emissions.
The new joint venture (JV) aims to attract growth opportunities around the world including, the US, the MENA region, the commonwealth of independent states (CIS), Asia-Pacific (APAC), and leading European countries.
Additionally, Masdar seeks to play a vital role in securing clean energy across the UAE, which is required to achieve the 2050 net-zero emissions target.
Established in 2006 by Mubadala, Masdar operates in more than 40 countries across six continents and has entered into global projects worth a value exceeding $20 billion.
Sultan Ahmed Al Jaber, Managing Director and Group CEO of ADNOC, as well as Chairman of Masdar, said: “Masdar’s clean energy powerhouse will unlock a new chapter of growth, development, and opportunity for renewable energy and green hydrogen projects, both in the UAE and worldwide.”
Al Jaber added: “As the UAE delivers on its Net Zero by 2050 strategic initiative and prepares to host COP28 next year, by leveraging the skills and experience of its partners, Masdar will build on its rich legacy as a pioneer in the renewable energy sector, accelerate the delivery of world-scale projects, and help meet the world’s growing demand for clean energy.”
Mohamed Hassan Alsuwaidi, Chairman of TAQA, said: “Last year, TAQA committed to a renewable energy share of 30% of its total power generation capacity by 2030.”
Alsuwaidi noted: “Our stake in Masdar is a key part of delivering on this target, while supporting the UAE’s ambition to cut greenhouse gas emissions and be a driving force in the global energy transition.”
