Under the deal, ADNOC takes a leading role in Masdar’s green hydrogen business with a 43% stake, Mubadala holds 33% and TAQA with 24%. For its renewable energy business, TAQA takes a leading role with a 43% shareholding, with Mubadala retaining 33%, and ADNOC holding 24%.
The new partnership sets out to develop Masdar into a global clean energy powerhouse that consolidates the renewable energy efforts of TAQA, Mubadala, and ADNOC under a single Masdar Brand. H2 View understands TAQA paid $1.02bn for its stake.
Masdar’s new green hydrogen business plans to rapidly scale up and target an annual green hydrogen production capacity of up to one million tonnes by 2030, which it says is equivalent to saving more than six million tons of carbon dioxide emissions.
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.”
In November (2022), a Masdar-led consortium signed a framework agreement with Egyptian state-backed organisations to develop a 2GW green hydrogen project in the Suez Canal Economic Zone (SCZONE).
Read more: Masdar-led consortium signs agreement to develop 2GW hydrogen project in Suez Canal Economic Zone
It comes as part of two signed Memorandums of Understanding (MoUs) in April (2022) for the development of two green hydrogen projects in Egypt with a target of establishing 4GW of electrolyser by 2030.
“We established Masdar 16 years ago based on an early conviction that building capabilities and supporting innovation and scale across the clean energy spectrum would be transformative for the nation and an investment in future generations,” said Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO of Mubadala.
He added, “Masdar is one of the world’s fastest-growing renewable energy companies. This significant milestone helps unlock synergies in Masdar’s continued growth journey and the UAE’s global energy leadership.”
Mubadala and Snam in March 2021 unveiled a new partnership to foster and promote hydrogen development in the UAE.
Read more: Mubadala and Snam form hydrogen partnership in the UAE
Mohammed Hassan Alsuwaidi, Chairman of TAQA, commented, “Our stake in Masdar is a key part of delivering on this target, while supporting the UAE’s ambition to cut greenhouse gas emissions and be a driving force in the global energy transition. Today, we stand as one of the largest integrated utility players in Europe, the Middle East, and Africa. Tomorrow, we will be known as a pan-regional low carbon power and water champion.”
TAQA Group and Emirates Steel revealed a partnership in 2021 to develop a large-scale green hydrogen project to enable green steel production in the MENA region.
Read more: TAQA Group, Emirates Steel to develop large-scale green hydrogen project for green steel production