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Abu Dhabi National Energy Company (TAQA), Mubadala Investment Company (Mubadala) and Abu Dhabi National Oil Company (ADNOC) have completed the Masdar (Abu Dhabi Future Energy Company) transaction and become its shareholders.
fall owns the largest stake of 43% in Masdar’s renewable energy business, ADNOC Leading with a 43% stake in the green hydrogen business, and exchange Each holds a 33% stake. TAQA paid $1.2 billion in cash for its stake.
while completing trade, Masdar’s renewable energy business appointed a new board, with Sultan Ahmed Al Jaber reappointed as chairman. Mohamed Jameel Al Ramahi to continue as expanded Chief Executive Officer (CEO) Masdar.
As part of the deal, TAQA will contribute to Masdar its ownership interests in future renewable energy projects in Abu Dhabi.
Masdar City, the flagship of sustainable urban development in Abu Dhabi, will continue to be owned by Mubadala as sole shareholder.
The deal, first announced by the President of the United Arab Emirates, Sheikh Mohamed bin Zayed Al Nahyan in December last year, will be launched under an expanded mandate covering renewable energy, green hydrogen and other favorable clean energy technologies Develop Masdar globally.
The company has an ambitious goal of at least 100 gigawatts of global renewable energy capacity by 2030 and is expected to grow to more than 200 gigawatts, with the lion’s share coming from wind and solar technologies.
The goal of its green hydrogen business is to reach an annual production capacity of 1 million tons of green hydrogen by 2030.
Masdar said it would target growth opportunities around the world, including the US, MENA, CIS, Asia Pacific and many European countries, while also delivering the clean energy the UAE needs to achieve its 2050 net-zero emissions goals Aspects play a central role in the goal.
“As Masdar’s founding CEO, I am delighted to see Abu Dhabi’s energy leaders come together to take Masdar to the next level. Our renewable energy and green hydrogen projects open a new chapter of growth, development and opportunity... For ADNOC, our participation in Masdar is an important pillar of our strategy to expand clean energy production, unlock new opportunities for industrial development and drive decarbonization,” Say Sultan Ahmed Jaber, Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC, Chairman of Masdar.
“This important milestone helps create synergy in Masdar’s continued growth journey and the UAE’s global energy leadership. Global collaboration is critical to achieving critical scale in clean energy and we are committed to leveraging our partners Relationships allow Masdar to have a wider global impact,” Say Khalid Khalifa Mubarak, Managing Director and Group Chief Executive Officer, Mubadala.
“This transaction marks the start of Masdar’s journey towards becoming one of the world’s largest clean energy companies and is backed by the UAE’s three energy and investment pacesetters… Last year, TAQA committed to renewable energy for 30% of its total electricity generation by 2030. Our stake in Masdar is a key part of achieving this, while supporting the UAE’s ambition to reduce greenhouse gas emissions and be a driving force in the global energy transition,” Say Mohammad Hassan Suwadi, Chairman of TAQA.
Founded by Mubadala in 2006, Masdar is active in more than 40 countries on six continents and has developed and invested in projects with a total value of more than US$20 billion worldwide.
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