In a move aimed at creating a strong and influential global clean energy system

"TAQA", "ADNOC" and "Mubadala" conclude agreements to acquire a stake in "Masdar"

The Abu Dhabi National Energy Company (TAQA), the Abu Dhabi National Oil Company (ADNOC), and the Mubadala Investment Company (Mubadala) have entered into agreements to purchase “TAQA” and “ADNOC” stakes in the Abu Dhabi Future Energy Company “Masdar” from “Mubadala.”

strategic partnership

This deal is a major step in completing the strategic partnership announced by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the State, late last year, and aims to create a strong and influential global clean energy system under the umbrella of "Masdar", by unifying the efforts of "TAQA". Mubadala and ADNOC in the field of renewable energy and green hydrogen.

acquisition shares

The deal estimates the total value of “Masdar” at seven billion dirhams ($1.9 billion), based on a 100% ownership percentage.

Under these agreements, "TAQA" will acquire a controlling stake of 43% of the assets of "Masdar", while "Mubadala" will retain a 33% stake, and "ADNOC" will own a 24% stake.

"Green Hydrogen"

In the field of "green hydrogen", ADNOC will acquire a controlling stake of 43% of the new joint venture of "Masdar" specialized in this field, while "Mubadala" will acquire a 33% share, and "TAQA" will acquire a 24% share In this project.

Under these agreements, TAQA will contribute its rights to own a minimum of 40% in renewable energy projects in the Emirate of Abu Dhabi.

sustainable energy

Jassim Hussain Thabet, CEO and Managing Director of TAQA Group, said: “The signing of the agreements demonstrates the solidification of (TAQA) as a leading low-carbon utility company.

Upon completion of this deal, TAQA will exceed the goals it set for the year 2030, represented in the contribution of renewable energy sources by more than 30% of its total production capacity, and will accelerate future growth plans, in parallel with the significant increase in demand for renewable energy and hydrogen projects. the green".

He added that this close cooperation with “Mubadala” and “ADNOC” contributes to supporting our efforts aimed at achieving energy transformation through “Masdar” projects, through fruitful cooperation and our explicit commitment to the strategic goal of achieving climate neutrality in the UAE by 2050.

unifying efforts

For his part, Chief Executive Officer of ADNOC's Refining, Manufacturing and Marketing Department, Khaled Salmeen, said that signing the agreements to acquire a share of "Masdar" aims to unite our efforts together, to make "Masdar" one of the largest new and renewable energy companies in the world.

He added: "For more than five decades, (ADNOC) has established its position as a reliable global supplier of energy, and we are confident that this partnership will ensure the consolidation of the UAE's position at the forefront of countries leading the transformation in the energy sector around the world, by strengthening the capabilities and capabilities of the United Arab Emirates. (ADNOC) in the field of new and renewable energy at the international level.

Sustainability Aspirations

In the same context, Musabah Al Kaabi, CEO of the UAE Investment Sector at Mubadala Investment Company "Mubadala", said that this achievement is a clear evidence of Mubadala's firm commitment to moving forward in achieving the UAE's ambitious aspirations in the field of sustainability.

He added: “We initiated the establishment of (Masdar) 16 years ago, based on our insight into the importance of diversifying the country’s energy mix and accelerating global transformation efforts in this sector.

Today, the agreement we signed with two of the most prominent energy companies in Abu Dhabi, ADNOC and TAQA, comes as an important step towards strengthening Mubadala’s responsible investment strategy and achieving the sustainability goals set by the UAE government.”

It is worth noting that these agreements are still subject to the completion of the necessary formalities, including obtaining approvals from relevant regulators and third parties, and are expected to take several months.

Follow our latest local and sports news and the latest political and economic developments via Google news