Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company (Taqa) are to join state wealth vehicle Mubadala as shareholders in clean energy company Masdar, with the expanded entity to focus on both renewable energy and green hydrogen through two businesses
Taqa will become the largest shareholder, with a 43% stake in Masdar?s renewable energy business, with Mubadala retaining 33% and ADNOC holding 24%.
In Masdar?s green hydrogen business, ADNOC will have the largest shareholding of 43%, with Mubadala holding 33% and Taqa the remaining 24%.
The strategic partnership will bring together more than 23GW of current and committed renewable energy capacity, making Masdar one of the largest renewable energy companies in the world. Masdar?s ambition is to more than double its portfolio to more than 50GW of clean energy by 2030.
The partnership is part of Abu Dhabi?s plans to become a major global player in renewables and green hydrogen as the emirate seeks to diversify its economy away from its traditional hydrocarbon base.
Sultan al-Jaber, UAE minister of industry and advanced technology and managing director and group CEO of ADNOC, will remain chairman of the expanded Masdar entity which will cover renewables and green hydrogen business activities.