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DUBAI, Dec 8 (Reuters) – ADNOC [RIC:RIC:ADNOC.UL]Bye (TAQA.AD) and Abu Dhabi sovereign wealth fund Mubadala Investments said on Wednesday they would both become shareholders in Masdar, the UAE’s flagship clean energy company.
Taqa will hold a 43 percent stake in the company, Mubadala will retain its 33 percent stake and ADNOC will hold 24 percent, the three companies said in a statement.
The partnership will see Taqa take a leading role in Masdar’s renewable energy business, with Taqa buying its stake for $1.02 billion in cash, while ADNOC will be at the forefront of the company’s green hydrogen plans.
Abu Dhabi Future Energy Company Masdar was established by Mubadala in 2006 to expand the UAE’s role in the global energy sector and advance the country’s climate action agenda.
It is active in more than 40 countries and has developed and invested in global projects with a combined value of US$20 billion.
Under the new partnership, Masdar aims to increase installed renewable energy capacity to at least 100 GW by 2030, mainly wind and solar.
The company’s new green hydrogen business will also be scaled up, aiming to have an annual production capacity of 1 million tons by 2030, equivalent to reducing CO2 emissions by more than 6 million tons.
Sultan al-Jaber, UAE Minister of Industry and Advanced Development, said: “Masdar will build on its rich heritage as a pioneer in the renewable energy sector to accelerate the delivery of world-class projects and help meet the world’s growing demand for clean energy. Technology, who is also CEO of ADNOC and chairman of Masdar, said in the statement.
The UAE, which is preparing to host the COP28 climate conference next year, has set a goal of net-zero emissions by 2050.
Reporting by Mohamed Shamsuddin and Maha El Dahan; Editing by Nivedita Bhattacharjee
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