Dubai: Abu Dhabi has set up a global clean energy powerhouse to lead it push to be net-zero carbon by 2050. The entity will work on renewable energy and green hydrogen initiatives led by Abu Dhabi National Energy Company (TAQA), Mubadala Investment Company and ADNOC will partner under the Abu Dhabi Future Energy Company (Masdar) brand.
The agreement signing, in the UAE Pavilion at EXPO 2020, was witnessed by His Highness Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. The partnership between three Abu Dhabi champions will have a combined current, committed, and exclusive capacity of over 23 Gigawatts (GW) of renewable energy, with the expectation of reaching over 50GW total capacity by 2030. Upon completion of this transaction, the expanded Masdar entity will become one of the largest clean energy companies of its kind and be well positioned to lead the industry on a global scale.
Today’s announcement consolidates the efforts of all three partners, combining their renewable energy and green hydrogen portfolios into Masdar, leveraging the existing clean energy pioneer’s strong international legacy and brand identity. The new partnership builds on the creation in January 2021 of the Abu Dhabi Hydrogen Alliance, comprised of Mubadala, ADNOC and ADQ (TAQA’s majority shareholder) and the launch on November 17 of a new global renewable energy venture between ADNOC and TAQA.
Collectively, the partners will supercharge Masdar’s growth and expansion, with each shareholder playing a key role.
Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO, Mubadala Investment Company, said: “Today marks the start of a new chapter for our clean energy champion, Masdar. Fifteen years ago, Mubadala established Masdar out of our conviction that innovation can drive sustainable economic growth while safeguarding the future of the planet. Masdar is a true ‘Made-in-the-UAE’ success story that reflects our long-term strategy.”
“With partnerships at the heart of Mubadala’s investment philosophy, this joint venture with Abu Dhabi’s energy leaders supports the UAE’s vision as a global leader in climate action. We look forward to working with ADNOC and TAQA to support Masdar’s continued growth and the company’s journey in finding new solutions to our climate challenges.”
