Masdar (Abu Dhabi Future Energy Company) announces its revival for the new clean energy plant in the United Arab Emirates.
Equity investments
Masdar declares closing the transaction allowing Mubadala, ADNOC to become shareholders. New Masdar welcomes TAQA’ s 43% stake in renewable energies. ADNOC will also enter for 43% in the hydrogen business and Mudabala will hold 33% for each.
New Masdar will play a strategic role in the UAE’s Net Zero by 2050 initiative. It also aims to become a global champion of clean energy. The company is strengthening its growth plan and targeting 100GW of renewable energy capacity by 2030.
It also wants to increase the production of renewable hydrogen to one million tons in the same period. The deal sees three Abu Dhabi champions combining their efforts to develop Masdar. Currently, the company operates in 40 countries on six continents with a combined value of $20 billion.
An assumed ambition
Masdar’s activity is focused on wind and solar energy. It aims to develop more than 200GW of renewable energy worldwide. The company will target growth opportunities around the world, including the United States, MENA and CIS.
Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC Group, and Chairman of Masdar, says:
“As the founding CEO of Masdar, I am delighted to see Abu Dhabi’s energy leaders come together to take Masdar to the next level. The Masdar Clean Energy Plant will open a new chapter of growth, development and opportunity for renewable energy and renewable hydrogen projects, both in the UAE and around the world. As the UAE implements its “Net Zero by 2050″ strategic initiative and prepares to host COP28 next year, leveraging the skills and experience of its partners, Masdar will build on its rich heritage as a pioneer in the renewable energy sector, accelerate the delivery of world-class projects, and help meet the growing demand for clean energy worldwide. For ADNOC, our participation in Masdar is an important pillar of our strategy to expand clean energy production, unlock new industrial development opportunities and drive decarbonization.”
This milestone unlocks synergies in Masdar’s ongoing growth journey. Over the next decade, it will rapidly expand its investments in renewable energy and renewable hydrogen to accelerate decarbonization.
A new Masdar Board of Directors is being appointed. This includes overseeing the company’s renewable activities. Indeed, the company aims at a pan-regional recognition for its action in energy and water.
