Abu Dhabi’s National Oil Company (ADNOC), Taqa and Abu Dhabi sovereign wealth fund Mubadala Investment Company announced on Wednesday they would all become shareholders in Masdar, the Emirate’s flagship clean energy company, Reuters reported.
According to a statement from the three businesses, Taqa will own 43% of the company, Mubadala will keep its 33%, and ADNOC will control 24%.
As a result of the cooperation, Taqa, which acquired its stake in Masdar for $1.02 billion in cash, will take the lead in the company’s renewable business, while ADNOC will be in charge of its plans for environmentally friendly hydrogen.
By 2030, Masdar hopes to increase its capacity for renewable energy sources, primarily wind and solar, to at least 100 GW.
Aiming to produce up to 1 million tons of green hydrogen annually by 2030, the company’s new green hydrogen venture will also expand and reduce CO2 emissions by more than 6 million tons.
“Masdar will build on its rich legacy as a pioneer in the renewable energy sector, accelerate the delivery of world-scale projects, and help meet the world’s growing demand for clean energy,” Sultan al-Jaber, the UAE’s minister of industry and advanced technology, who is also ADNOC chief and Masdar chairman, said in the statement.
The UAE has a net zero by 2050 goal and is getting ready to host the COP28 climate conference the following year.