TAQA, Mubadala and ADNOC become shareholders in Masdar

TAQA, Mubadala and ADNOC announced that they will be shareholders in renewables company Masdar, making it one of the largest clean energy companies of its kind.

The partnership between three Abu Dhabi companies will have a "combined current, committed, and exclusive capacity" of over 23 Gigawatts (GW) of renewable energy, with the expectation of reaching well over 50GW total capacity by 2030, they said in a statement. 

This partnership brings the three companies combining renewable energy and green hydrogen portfolios into Masdar, they said.

“Collectively, the partners will supercharge Masdar’s growth and expansion, with each shareholder playing a key role. As the United Arab Emirates (UAE) prepares to host COP28 in 2023,” said the companies in a statement.

The companies said that they will further drive de-carbonisation of power across local and international markets, while accelerating the UAE’s path towards net-zero carbon by 2050. Nonetheless, cementing its leading global role in green hydrogen.

“This bold and forward-looking strategic partnership, will bolster Masdar’s position both locally and globally, and is yet another example of how ADNOC has successfully developed a national and international partnership model, through smart, creative and innovative approaches that are creating additional value and driving sustainable growth for Abu Dhabi and the UAE,” said Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO.

Previously the three companies launched Abu Dhabi Hydrogen Alliance, created in January 2021. On November 17th ADNOC and TAQA created a new global renewable energy venture.

Masdar was established by Mubadala in 2006 to extend the UAE’s leadership role in the global energy sector  to drive sustainable economic growth while safeguarding the future of the planet.

“Responding to the mounting challenges of a changing climate requires that we continue to look for innovative ways to create clean energy.  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,” said Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO, Mubadala Investment Company.

TAQA will have a leading role with a 43 percent stake in Masdar’s renewable energy business, Mubadala retaining 33 percent and ADNOC holding 24 percent. Meanwhile, the companies said that ADNOC will take the leading role with a 43 percent shareholding in Masdar’s green hydrogen business, with Mubadala holding 33percent and TAQA 24 percent respectively.

“This clean power capability and the opportunity to tap into the expertise in this partnership will also enable us to become a world leader in green hydrogen. We will be a true national champion for the UAE in developing clean energy solutions at home and around the world,” said  Mohamed Alsuwaidi CEO of ADQ and Chairman of TAQA.