UNITED Arab Emirates' state-owned giants Abu Dhabi National Oil Company (Adnoc), Taqa and Mubadala Investment Company have completed a landmark deal, picking up sizeable stakes in Masdar, Abu Dhabi's flagship clean-energy company. Adnoc confirmed the development in a recent statement and said the transaction, first announced in December last year, "sees three Abu Dhabi champions combining their efforts to rapidly grow Masdar on a global scale under an expanded mandate covering renewable power, green hydrogen and other enabling clean-energy technologies". The conclusion of the Masdar deal highlights Abu Dhabi's intent to rapidly scale up the clean energy portfolios of its oil and gas companies to achieve net-zero emissions goals by 2050. Adnoc recently said it is eyeing Scope 1 and 2 net-zero emissions by 2050 and its strategic Masdar stake acquisition is likely to further boost its clean energy ambitions. Taqa is taking up the lead role in Masdar's renewable business with a 43 shareholding, while Mubadala retains 33 and Adnoc holds 24. In addition, Adnoc has been assigned the lead role in Masdar's green hydrogen business with a 43 stake, with Mubadala holding 33 and Taqa having 24. "The partnership sets out to develop Masdar into a global clean-energy powerhouse that consolidates the renewable energy and green hydrogen efforts of Taqa, Mubadala and Adnoc under a refreshed single Masdar brand," Adnoc stated. Taqa paid $1.02 billion cash for its stake in Masdar. Under the new partnership, Masdar will become a national clean-energy champion for the UAE and has an ambitious target of growing to at least 100 gigawatts of renewable energy capacity globally by 2030.
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