33.8 C
Dubai
Friday, November 1, 2024
spot_img

UAE’s ADNOC, Taqa and Mubadala complete Masdar stake deal

[ad_1]

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

Our standards: Thomson Reuters Trust Principles.

[ad_2]

Source link

Related Articles

The Journey of Berrylush: A Story of Passion, Perseverance, and Purpose

In 2018, Berrylush was born from the shared vision of two IIM graduates, AnushaChandrashekar and Alok Paul, who saw a glaring gap in the...

UAE Strengthens Global Alliances: Landmark Diplomatic Engagements with Russia and Singapore Propel Strategic Partnerships

UAE has been actively engaged in high-level diplomatic efforts, further cementing its role as a key player on the global stage. Recently, President Sheikh Mohamed...

Sheikh Mohamed bin Zayed and Sheikh Mohammed bin Rashid Join Forces to Shape UAE’s Future Development

Sheikh Mohamed bin Zayed Al Nahyan and Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, convened for high-level discussions centered on the...

New Bridges on Al Khail Road Boost Mobility and Unlock Growth

New bridges on Al Khail Road marks a major milestone in the UAE’s commitment to enhancing mobility and supporting economic growth. As one of Dubai’s...

UAE Visa Amnesty Program Empowers Thousands with a Fresh Start.

UAE latest visa amnesty program has brought a wave of relief and optimism, offering thousands of individuals an opportunity to regularize their immigration status. Launched...

Latest Articles