Abu Dhabi: A new global renewable energy and green hydrogen venture between ADNOC and Abu Dhabi National Energy Company (TAQA) was announced on Wednesday.
The two energy giants will create a clean energy powerhouse, with a total generating capacity of at least 30 gigawatts (GW) of renewable energy by 2030, that will position Abu Dhabi and the UAE at the forefront of the energy transition and further advance its global leadership role in green hydrogen.
The partnership will focus on domestic and international renewable energy and waste-to-energy projects as well as the production, processing and storage of green hydrogen and ancillary activities. The new partnership will leverage ADNOC’s energy and hydrogen capabilities and TAQA’s renewables expertise, with bold aspirations for significant local and international growth.
The venture was launched by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council, Chairman of the Abu Dhabi Executive Office, and Chairman of the Executive Committee of the Board of Directors of ADNOC.
Commending both companies for their visionary partnership, Sheikh Khaled emphasised how the UAE continues to proactively advance practical solutions and capitalise on opportunities to secure a lower carbon future as the nation works to achieve its ‘Net-Zero by 2050 Strategic Initiative’.
The agreement was signed at ADIPEC by Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, and Mohamed Hassan Alsuwaidi, Chairman of TAQA.
Dr. Al Jaber said: “Today’s strategic partnership between two Abu Dhabi energy giants future-proofs ADNOC’s business model, creating compelling business and commercial opportunities, as we fully embrace the energy transition. This innovative and collaborative venture is a bold new initiative, as it combines both companies’ respective areas of expertise and paves the way for our viable entry into the clean energy space. This platform will enable ADNOC to capitalise on the many renewable energy and hydrogen opportunities, both locally and globally. Building on ADNOC’s highly successful partnership and growth model, we invite other partners to join this promising new venture on its exciting journey.
“As the UAE looks ahead to hosting COP 28 in 2023, our nation pledges an inclusive energy ecosystem, enabling sustainable future economic growth, for the benefit of Abu Dhabi and the UAE.”
The partnership brings ADNOC and TAQA’s green hydrogen development projects together by combining TAQA’s expertise in the development and optimization of renewable power, in particular low-cost solar power and ADNOC’s ongoing efforts to create domestic and international hydrogen value chains.