UAE energy group Abu Dhabi National Oil Co. will join two other partners and combine their renewables and green hydrogen operations into the Abu Dhabi Future Energy Co., otherwise known as Masdar, with plans to boost capacity from 23 GW to "well over" 50 GW by 2030.
Receive daily email alerts, subscriber notes & personalize your experience.Register Now
The expanded Masdar is intended to lead the nation's drive to net zero by 2050, all three companies said in a Dec. 1 statement. The 50 GW of renewables capacity by 2030 would make Masdar the largest player in the Middle East and North Africa region, Taqa Chairman Mohamed Alsuwaidi said.
ADNOC's Group CEO Sultan Al Jaber will remain chairman of the expanded Masdar entity, with Abu Dhabi National Energy Co. (Taqa) owning 43% of the renewables business, Mubadala having a 33% stake and ADNOC 24%, according to the statement.
ADNOC will be the largest shareholder of Masdar's green hydrogen business at 43%, followed by 33% held by Mubadala and 24% by Taqa. ADNOC already produces some 300,000 mt/year of hydrogen, and plans to increase this to 500,000 mt/year.
The deal is subject to all parties entering "detailed agreements as well as completion of necessary transaction requirements, including obtaining relevant third party and regulatory approvals," the companies said.
"Today's historic collaboration between three Abu Dhabi powerhouses firmly places ADNOC at the forefront of the global energy transition and marks our entry into the international clean energy space," Jaber said in the statement.
Masdar City, Abu Dhabi's flagship sustainable urban development, will continue to remain under Mubadala's ownership.