TAQA, Mubadala, and ADNOC to be investors of Masdar, making worldwide champion in renewables and green hydrogen
Vital organization to dispatch with over 23GW of current submitted, and elite environmentally friendly power limit quickly situating Masdar as one of the biggest clean energy organizations worldwide, with the desire to develop to above and beyond 50GW by 2030
The agreement solidifies the endeavors, all things considered, expanding on past work of the Abu Dhabi Hydrogen Alliance drove by Mubadala, ADNOC, and ADQ and the new dispatch of an efficient power energy adventure among ADNOC and TAQA
Masdar organization will speed up the UAE’s worldwide administration in the energy change towards its ‘Net-Zero by 2050 Strategic Initiative’
“Since our nation’s wise leadership founded Masdar 15 years ago, the company has established itself as a global pioneer across the clean energy and sustainability landscape. This bold and forward-looking strategic partnership, will bolster Masdar’s position both locally and globally, and is yet another example of how ADNOC has successfully developed a national and international partnership model, through smart, creative and innovative approaches that are creating additional value and driving sustainable growth for Abu Dhabi and the UAE.”
As an early pioneer in the emerging market for hydrogen and its carrier fuels, ADNOC has ambitious plans to grow domestic and international hydrogen value chains, leveraging its trading capabilities, existing infrastructure and logistics.
For his side, Khaldoun Al Mubarak said, “Today marks the start of a new chapter for our clean energy champion, Masdar. Fifteen years ago, Mubadala established Masdar out of our conviction that innovation can drive sustainable economic growth while safeguarding the future of the planet. Masdar is a true ‘Made-in-the-UAE’ success story that reflects our long-term strategy.”
“Responding to the mounting challenges of a changing climate requires that we continue to look for innovative ways to create clean energy. With partnerships at the heart of Mubadala’s investment philosophy, this joint venture with Abu Dhabi’s energy leaders supports the UAE’s vision as a global leader in climate action. We look forward to working with ADNOC and TAQA to support Masdar’s continued growth and the company’s journey in finding new solutions to our climate challenges.”
Mohamed Alsuwaidi said, “TAQA’s strategy is to be a champion of low carbon power and water. By taking a controlling stake in Masdar’s renewable energy business and working in partnership with ADNOC and Mubadala we have created a path to grow to over 50GW of renewable capacity by 2030, making us the largest player in the MENA region and one of the leading global contributors to renewable power generation. This clean power capability and the opportunity to tap into the expertise in this partnership will also enable us to become a world leader in green hydrogen. We will be a true national champion for the UAE in developing clean energy solutions at home and around the world.”
The new partnership envisions a comprehensive focus on two key areas: renewable energy, and green hydrogen. Dr. Sultan Al Jaber will remain Chairman of the expanded Masdar entity that will cover both renewables and green hydrogen business areas.
It is planned that TAQA will take the leading role with a 43 percent shareholding in Masdar’s renewable energy business, with Mubadala retaining 33 percent and ADNOC holding 24 percent. Meanwhile, ADNOC will take the leading role with a 43 percent shareholding in Masdar’s green hydrogen business, with Mubadala holding 33 percent and TAQA 24 percent respectively.
The partnership envisages parties entering into detailed agreements as well as completion of necessary transaction requirements, including obtaining relevant third party and regulatory approvals.
Mubadala established Masdar in 2006 to extend the UAE’s leadership role in the global energy sector, while helping to drive the nation’s economic diversification and climate action agenda. Today, the company is active in more than 35 countries across six continents and has developed and invested in projects worldwide worth nearly $20 billion. Masdar City, Abu Dhabi’s flagship sustainable urban development, will continue to remain under Mubadala’s ownership.
/PlusOfficial
<Fatmat El Zahraa Saif>