TAQA, ADNOC, Mubadala acquire stake in Masdar
They will hold the shares in Masdar’s renewable and green hydrogen business
Abu Dhabi National Energy Company (TAQA), Mubadala Investment Company (Mubadala) and Abu Dhabi National Oil Company (ADNOC) have completed the transaction to hold a stake in the Abu Dhabi Future Energy Company (Masdar) to turn the company into a “global clean energy powerhouse.”
In a statement, Masdar said TAQA will hold the largest stake in the renewable business with 43%, whilst Mubadala and ADNOC hold 33% and 24%, respectively.
Meanwhile, ADNOC will lead Masdar's green hydrogen business with 43% shares, whilst 33% will be held by Mubadala and 42% by TAQA.
TAQA has paid $1.02b in cash for its shares in Masdar.
Masdar said it aims to reach at least 100 gigawatts (GW) of renewable energy capacity globally by 2030 with wind and solar accounting for the largest share of the total. It also aims to develop in excess of 200GW of renewable to reinforce its position as a world leader in the sector.
The company also aims to get its annual green hydrogen production capacity to up to one million tonnes by 2030 which can save over six million tons of carbon dioxide emissions.