Abu Dhabi National Energy (TAQA), Mubadala Investment Company (Mubadala) and Abu Dhabi National Oil Company (ADNOC) announced on Thursday the successful completion of the Masdar transaction. Following this, the three entities will become shareholders in Masdar – Abu Dhabi’s flagship clean energy company.
The transaction was first announced in December last year by Sheikh Mohamed bin Zayed Al Nahyan.
TAQA will be taking the lead role in Masdar’s renewable business with 34 percent shareholding, while Mubadala retains 33 percent, ADNOC will hold 24 percent.
ADNOC will take the lead in Masdar’s green hydrogen business with a 43 percent stake, Mubadala with 33 percent and TAQA with hold 24 percent.
The partnership aims to develop Masdar into a global clean energy powerhouse that consolidates the renewable energy and green hydrogen efforts of TAQA, Mubadala and ADNOC under a single brand.
TAQA paid AED3.7 billion for its stake.
Masdar today is active in more than 40 countries across six continents and has developed and invested in worldwide projects of a combined value of over $20bn.
The new Masdar will target growth opportunities around the world including US, MENA, CIS, APAC and key European countries as well as providing the clean energy needed for UAE to achieve its own 2050 net zero target.
Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC, and Chairman of Masdar said: “As the founding CEO of Masdar, I am excited to see Abu Dhabi’s energy leaders coming together to take Masdar to the next level. The Masdar clean energy powerhouse will unlock a new chapter of growth, development, and opportunity for renewable energy and green hydrogen projects, both in the UAE and worldwide.”
“As the UAE delivers on its Net Zero by 2050 strategic initiative and prepares to host COP28 next year, by leveraging the skills and experience of its partners, Masdar will build on its rich legacy as a pioneer in the renewable energy sector, accelerate the delivery of world-scale projects, and help meet the world’s growing demand for clean energy. For ADNOC, our participation in Masdar is an important pillar in our strategy to expand clean energy production, unlock new opportunities for industrial development and drive decarbonisation,” he added.
Khaldoon Khalifa Al Mubarak, Managing Director and Group Chief Executive Officer of Mubadala said: “We established Masdar 16 years ago based on an early conviction that building capabilities and supporting innovation and scale across the clean energy spectrum would be transformative for the nation and an investment in future generations.
“Today, Masdar is one of the world’s fastest-growing renewable energy companies. This significant milestone helps unlock synergies in Masdar’s continued growth journey and the UAE’s global energy leadership.”
“This transaction marks the start of Masdar’s journey towards becoming one of the largest clean energy companies in the world, backed by three of the UAE’s energy and investment pacesetters. Over the next decade, Masdar will rapidly expand its renewable energy and green hydrogen investments to accelerate decarbonisation,” Mohamed Hassan Alsuwaidi, Chairman of TAQA said.
“Last year, TAQA committed to a renewable energy share of 30% of its total power generation capacity by 2030. Our stake in Masdar is a key part of delivering on this target, while supporting the UAE’s ambition to cut greenhouse gas emissions and be a driving force in the global energy transition.
“Today, we stand as one of the largest integrated utility players in Europe, the Middle East, and Africa. Tomorrow, we will be known as a pan-regional low carbon power and water champion.”
Follow us on
