- New Masdar outlines ambitious growth plans to bolster position as a global leader in clean energy and green hydrogen.
- Masdar targets at least 100GW renewable energy capacity and the production of up to 1 million tons of green hydrogen by 2030, with aspirations to grow its renewable energy portfolio to +200GW.
- TAQA to take leading role with largest stake (43%) in Masdar’s renewables business and ADNOC to take the leading role (43%) in green hydrogen business with Mubadala holding 33% in each.
- New Masdar to play central role in delivering the UAE’s Net Zero by 2050 Strategic Initiative and will be a global champion for clean energy
- Refreshed Masdar brand unveiled for UAE’s new clean energy powerhouse.
ABU DHABI, UAE — Abu Dhabi National Energy Company (TAQA), Mubadala Investment Company (Mubadala) and Abu Dhabi National Oil Company (ADNOC) announced today the successful completion of the Masdar transaction, following which they will all become shareholders in Abu Dhabi Future Energy Company (Masdar) – Abu Dhabi’s flagship clean energy company.
This transaction – first announced in December last year by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates – sees three Abu Dhabi champions combining their efforts to rapidly grow Masdar on a global scale under an expanded mandate covering renewable power, green hydrogen and other enabling clean energy technologies.
TAQA is taking the leading role in Masdar’s renewable business with a 43% shareholding, while Mubadala retains 33% and ADNOC holds 24%. ADNOC is taking the leading role in Masdar’s green hydrogen business with a 43% stake, Mubadala holding 33%, and TAQA 24%. The partnership sets out to develop Masdar into a global clean energy powerhouse that consolidates the renewable energy and green hydrogen efforts of TAQA, Mubadala, and ADNOC under a refreshed single Masdar brand. TAQA paid USD 1.02 billion [AED 3.7 billion] in cash for its stake.
Mubadala established Masdar in 2006 to extend the UAE’s leadership role in the global energy sector, while helping drive the nation’s economic diversification and climate action agenda. Today, Masdar is active in more than 40 countries across six continents and has developed and invested in worldwide projects with a combined value of over USD 20 billion.
Under the new partnership, Masdar will become a national clean energy champion for the UAE and has an ambitious target of growing to at least 100GW of renewable energy capacity globally by 2030. The largest share of this capacity will come from wind and solar technologies. Beyond its initial goals, the company aspires to develop in excess of 200 GW of renewable energy, reinforcing its position as a world leader in the renewable energy sector.
In addition, Masdar’s new green hydrogen business will rapidly scale up and target an annual green hydrogen production capacity of up to 1 million tonnes by 2030, equivalent to saving more than six million tons of CO2 emissions. Green hydrogen, which is produced using water and renewable energy, is fast emerging as an important carbon-free fuel for the decarbonisation of hard to abate sectors such as heavy industry. It is expected to play a critical role in meeting the world’s net zero aspirations, with Masdar and the UAE set to take a leading role in the hydrogen economy.
The new Masdar will target growth opportunities around the world including in the US, MENA, CIS, APAC, and key European countries as well as playing a central role in providing the clean energy needed for the UAE to achieve its own 2050 net zero target. Growth is expected to come from a combination of new and existing projects, as well as acquisitions.
His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC, and Chairman of Masdar said: “As the founding CEO of Masdar, I am excited to see Abu Dhabi’s energy leaders coming together to take Masdar to the next level. The Masdar clean energy powerhouse will unlock a new chapter of growth, development, and opportunity for renewable energy and green hydrogen projects, both in the UAE and worldwide. As the UAE delivers on its Net Zero by 2050 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, accelerate the delivery of world-scale projects, and hel…
Alongside the completion of the transaction, a new Board of Directors has been appointed for Masdar’s renewable business with His Excellency Dr. Sultan Ahmed Al Jaber reappointed his position as Chairman. Members include:
H. E. Mohamed Hassan Alsuwaidi, Deputy 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 Member
Mohamed Jameel Al Ramahi will continue as Chief Executive Officer (CEO) of the enlarged Masdar.
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As part of the deal, TAQA will offer to contribute its ownership interests in future Abu Dhabi renewable power projects to Masdar. Masdar City, Abu Dhabi’s flagship sustainable urban development, will continue to remain under Mubadala’s ownership as the sole shareholder.