Abu Dhabi Future Energy Company PJSC – Masdar, the United Arab Emirates’ clean energy powerhouse, has signed several agreements with Norwegian companies, thereby strengthening its long-standing collaborations with the Nordic country. These agreements were announced during the official visit to Norway by Abu Dhabi’s Crown Prince HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan.
Strengthening Energy Partnerships
During this visit, the UAE-Norway Investment Forum brought together a delegation of senior leaders to discuss bilateral investment opportunities between the two nations. The UAE and Norway maintain a robust bilateral relationship, supported by strong leadership and a shared commitment to energy transition.
Masdar has a rich history of successful partnerships with Norwegian companies in the field of clean energy solutions and sustainable development. Notably, the collaboration with Equinor led to the development of Hywind Scotland, the world’s first offshore floating wind farm, which became operational in 2017.
New Opportunities in Green Hydrogen
The Strategic Framework Agreement signed with Equinor aims to enhance collaboration on existing projects such as Hywind, while exploring new initiatives and strengthening the supply chain for future projects. Additionally, Masdar has entered into an agreement with ICP Infrastructure, an infrastructure fund manager backed by the Aker Group, to explore partnership and investment opportunities in green energy infrastructure in Europe, including renewables in the Nordics.
A second agreement, signed with Aker Horizons Asset Development, will explore joint development and investment opportunities along the ‘Power to Green Hydrogen’ value chain, targeting the decarbonization of hard-to-abate sectors. Furthermore, Masdar has signed an agreement with Yara to explore collaboration and investment opportunities along the ‘Power-to-Green Ammonia’ value chain, with green hydrogen at its core.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, stated: “The success that Masdar and our Norwegian partners have enjoyed is a direct result of the strong bilateral relationship between the UAE and Norway, which is firmly rooted in a shared legacy. Our two nations have harnessed their abundant natural resources to pioneer clean energy projects. Masdar and our Norwegian partners share a legacy of driving the energy transition forward together and pioneering clean energy projects. Today’s announcements build on that legacy and lay the foundations for our future collaboration.”
Masdar aims for a renewable energy portfolio capacity of 100 GW by 2030, supporting the target set in the UAE Consensus to triple global renewables capacity by the end of this decade. The company also aspires to be a leading producer of green hydrogen by the same year, with a target of 1 million tonnes per annum of green hydrogen or equivalent derivatives in the UAE and globally within a decade.
These initiatives are part of Masdar’s overall strategy to significantly contribute to the global energy transition, in collaboration with international partners committed to sustainable and innovative projects.
