UAE utility Taqa, Abu Dhabi state oil company Adnoc and UAE state investment company Mubadala have taken significant shares in UAE state-owned clean energy firm Masdar.

Taqa has acquired the largest stake (43pc) in Masdar’s renewables business, with Mubadala holding 33pc and Adnoc 24pc, while Adnoc has taken the largest stake (43pc) in Masdar’s green hydrogen business, with Mubadala holding 33pc and Taqa 24pc.

“Global cooperation is vital to achieving the critical scale in clean energy sources” Mubara, Mubadala

The partnership wants to consolidate the renewable energy and green hydrogen efforts of all four companies under a rebooted single Masdar brand.

The new Masdar has set a target of growing to at least 100GW of renewable energy capacity and up to 1mn t/yr of green hydrogen production globally by 2030.

The rebooted firm will target growth opportunities around the world, including in the US, the Middle East, Asia Pacific and the EU as well as playing a central role in enabling the UAE to achieve its own 2050 net-zero target.

“Global cooperation is vital to achieving the critical scale in clean energy sources, and we are committed to leveraging our partnerships to enable Masdar to deliver a broader global impact,” says Mubadala CEO Khaldoon Khalifa al-Mubarak.

As part of the deal, Taqa will offer to contribute its ownership interests in future Abu Dhabi renewable power projects to Masdar. Taqa has committed to a target for renewables to account for 30p of its power generation capacity by 2030.

Masdar has already signed two memorandums of understanding with Egyptian state-backed organisations to develop 4GW of green hydrogen projects in Egypt.

And Adnoc and Masdar have signed a deal with BP to develop 2GW of blue hydrogen production in the UK and the UAE.

Masdar City, Abu Dhabi’s flagship sustainable urban development, will continue to remain under Mubadala’s ownership as the sole shareholder.

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Author: Tom Young