ADNOC, Abu Dhabi National Oil Company, Abu Dhabi National Energy Company (TAQA), and Mubadala Investment Company (Mubadala) completed the Masdar transaction to become shareholders in Abu Dhabi Future Energy Company (Masdar).
- TAQA will hold a 43% stake in Masdar’s renewable business, Mubadala will hold 33% and ADNOC will hold 24%
- ADNOC is taking the leading role in Masdar’s green hydrogen business with a 43% stake, Mubadala will hold 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 single Masdar brand. TAQA paid $1.02 billion in cash for its stake.
Under the new partnership, Masdar aims to grow to have at least 100 GW of renewable energy capacity globally by 2030.
In addition to that, 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.
Earlier this year, Hassan Allam, Masdar, and Infinity signed an MoU agreement to develop a 10-gigawatt (GW) onshore wind project in Egypt. This farm is considered to be one of the largest wind farms in the world.
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