The United Arab Emirates’ Abu Dhabi National Oil Company (ADNOC), Abu Dhabi National Energy Company TAQA and Mubadala Investment Company have completed the transaction to become shareholders in the UAE renewable energy company Masdar. The transaction was first announced in December 2021 by the government of the UAE.
TAQA, which paid over US$1bn for its stake, will take a lead role in Masdar's renewable business, while ADNOC will lead the firm's green hydrogen plans. For Masdar’s renewable business, TAQA will hold a 43% share, Mubadala will retain its 33% and ADNOC will hold 24%. For the company’s green hydrogen business, ADNOC will hold a 43% share, Mubadala will retain its 33% while TAQA will hold a 24% share.
Masdar was established by Mubadala in 2006 to extend the UAE’s role in the global energy sector. The company is active in over 40 countries and has developed and invested in projects with a combined value of around US$20 bn. By 2030, Masdar targets at least 100 GW renewable energy capacity, with plans to grow its renewable energy portfolio to over 200 GW in the future, and the production of up to 1 Mt green hydrogen by 2030.
The UAE, which will host the COP 28 climate conference in 2023, targets net zero emissions by 2050.