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Abu Dhabi’s three state-run companies have joined forces to create the emirate’s flagship clean energy company, Abu Dhabi Future Energy Company (Masdar). The three companies that completed the Masdar deal and became shareholders of Masdar are Abu Dhabi National Energy Company (TAQA), Mubadala Investment Company (Mubadala) and Abu Dhabi National Oil Company (ADNOC).
TAQA dominates Masdar’s renewable energy business with a 43 percent stake, while Mubadala holds 33 percent and ADNOC 24 percent. ADNOC plays a leading role in Masdar’s green hydrogen business with a 43% stake, Mubadala 33% and TAQA 24%.
The partnership aims to grow Masdar into a global clean energy powerhouse, bringing together the efforts of TAQA, Mubadala and ADNOC in renewable energy and green hydrogen under a new Masdar brand.
Mubadala established Masdar in 2006 to expand the UAE’s leadership in global energy, while helping to advance the country’s economic diversification and climate action agenda. Today, Masdar is active in more than 40 countries on six continents, developing and investing in global projects with a total value of over US$20 billion. TAQA paid $1.02 billion in cash for its shares.
Under the new partnership, Masdar will become the UAE’s national clean energy champion, with an ambitious goal of growing global renewable energy capacity to at least 100GW by 2030. The lion’s share will come from wind and solar technologies. In addition to its original goals, the company aspires to develop more than 200 GW of renewable energy, cementing its position as a world leader in renewable energy.
In addition, Masdar’s new green hydrogen business will rapidly scale up, with the goal of reaching an annual production capacity of 1 million tons of green hydrogen by 2030, which is equivalent to reducing carbon dioxide emissions by more than 6 million tons. Green hydrogen produced using water and renewable energy is fast becoming an important carbon-free fuel for the decarbonization of hard-to-abate sectors such as heavy industry. It is expected to play a key role in meeting the world’s aspirations for net-zero emissions, with Masdar and the UAE taking the lead in the hydrogen economy.
The new Masdar will target growth opportunities around the world, including the US, MENA, CIS, Asia-Pacific and key European countries, and play a role in providing the clean energy the UAE needs to achieve its 2050 net-zero emissions target central role. Growth is expected to come from a combination of new and existing projects, as well as acquisitions.
To contact the author please email andreson.n.paul@gmail.com
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