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Abu Dhabi National Energy Company (Taqa), Mubadala Investment Company and Abu Dhabi National Oil Company (Adnoc) have completed the acquisition of Masdar, with plans to propel it into a global leader in clean energy and green hydrogen.
New Masdar aims to have at least 100GW of renewable energy capacity and up to 1 million tonnes of green hydrogen production by 2030, and hopes to increase its renewable energy mix to +200GW.
The deal, first announced by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates in December, sees the three Abu Dhabi champions working together under an expanded mandate covering renewable energy Rapidly develop Masdar, green hydrogen and other beneficial clean energy technologies globally.
Taqa takes the lead
Taqa dominates Masdar’s renewable energy business with a 43 percent stake, while Mubadala holds 33 percent and Adnoc 24 percent. Adnoc dominates Masdar’s green hydrogen business with a 43% stake, Mubadala 33% and Taqa 24%.
The partnership aims to grow Masdar into a global powerhouse of clean energy, bringing together Taqa, Mubadala and Adnoc’s efforts in renewable energy and green hydrogen under a new, single Masdar brand. Taqa paid $1.02 billion (AED3.7 billion) in cash for its stake.
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.
wind and solar
Under the new partnership, Masdar will become the UAE’s national clean energy powerhouse. The largest share of renewable energy 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.
based on tradition
Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and Group CEO of Adnoc and Chairman of Masdar, said: “As Masdar’s founding CEO, I am delighted to see Abu Dhabi’s energy leadership People come together to take Masdar to the next level. The Masdar Clean Energy Power Station will open a new chapter of growth, development and opportunity for renewable energy and green hydrogen projects in the UAE and globally.
“As the UAE achieves its 2050 Net Zero Emissions Strategic Initiative and prepares to host COP28 next year, by leveraging the skills and experience of its partners, Masdar will build on its rich legacy as a pioneer in the renewable energy sector to accelerate delivery world-scale projects and help meet the world’s growing demand for clean energy. For Adnoc, our participation in Masdar is an important pillar of our strategy to scale up clean energy production, unlock new opportunities for industrial development and drive decarbonisation.”
Khaldoon Khalifa Al Mubarak, Managing Director and Group Chief Executive Officer, Mubadala, said: “We established Masdar 16 years ago based on our early belief that building capacity and supporting innovation and scale-up in the clean energy sector would bring great benefits to the country. To transform and invest in future generations. Today, Masdar is one of the fastest growing renewable energy companies in the world. This important milestone contributes to Masdar’s continued growth journey and the UAE’s global energy leadership play a synergistic role.
Al Mubarak added: “Global collaboration is critical to achieving critical scale in clean energy, and we are committed to leveraging our partnerships to enable Masdar to have a wider global impact.”
Rapid expansion
Mohamed Hassan Alsuwaidi, Chairman of Taqa, said: “This transaction marks the beginning of Masdar’s journey to become one of the world’s largest clean energy companies, and is backed by the UAE’s three energy and investment pacesetters. In the next decade, Masdar will rapidly scale up its investments in renewable energy and green hydrogen to accelerate decarbonization. Last year, Taqa committed to renewable energy for 30% of its total electricity generation by 2030. We at Masdar The stake is a key part of achieving this while supporting the UAE’s ambition to reduce greenhouse gas emissions and be a force for the global energy transition. Today, we are one of the largest integrated utilities in Europe, the Middle East and Africa. Tomorrow, We will be pan-regional low carbon electricity and water champions.”
With the closing of the transaction, Masdar’s renewable energy business has appointed a new Board of Directors, with His Excellency Dr. Sultan Ahmed Al Jaber reappointed as Chairman. Members include:
Mohamed Hassan Al-Suwaidi, Vice Chairman, Jasim Husain Thabet, Board Member, Farid Al Awlaqi, Board Member, Khaled Salmeen, Board Member, Musabbeh AlKaabi, Board Member, Ahmed Saeed Al Calily, Board Member, Dr Bakheet Saeed Al Katheeri, Board of Directors member
Mohamed Jameel Al Ramahi will continue as Chief Executive Officer (CEO) of the enlarged Masdar.
As part of the deal, Taqa will contribute to Masdar its ownership interests in future renewable energy projects in Abu Dhabi. Masdar City, Abu Dhabi’s flagship for sustainable urban development, will continue to be owned by Mubadala as its sole shareholder. — trade arab news agency
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