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Abu Dhabi National Energy Company, also known as TAQA, said its 43% acquisition of UAE renewable energy company Masdar, once completed, will help to immediately increase its share of renewable energy to 34% of its total installed capacity, Exceed the current 2030 target of 30%.
The deal is also expected to help it reach 70% of its current target capacity of 50GW by 2030, TAQA said in an investor note on Tuesday.
In June, TAQA and state-owned Abu Dhabi National Oil Company bought a controlling stake in the clean energy company from sovereign investor Mubadala Investment Co. ADNOC holds a 23% stake, while Mubadala will retain 33%. The joint venture will make Masdar an exclusive vehicle for renewable energy and green hydrogen as the UAE strives to achieve net-zero emissions targets by mid-century.
Following the acquisition, the company said in July it would increase its renewable energy as it transitions to a cleaner, more sustainable future.
Masdar has also set a target of 50 gigawatts of renewable energy capacity by 2030. It recently announced plans to accelerate its global renewable energy development plan to reach 100 gigawatts of installed capacity, and eventually double that target again to 200 gigawatts.
Owned by Abu Dhabi state holding company ADQ, TAQA has a portfolio of energy assets in the UK North Sea, the Netherlands, Canada and Iraqi Kurdistan.
In April, following a strategic review, the company said it would increase its renewable energy as it transitions to a cleaner, more sustainable future.
The UAE became the first country in the Arab world to declare net-zero emissions by 2050 ahead of the 2021 UN Climate Change Conference in Glasgow.
(Reporting by Brinda Darasha; Editing by Seban Scaria)
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