Masdar, a leading clean energy company, will join with TAQA, Mubadala, and ADNOC under the Masdar brand.
Masdar, a sustainable energy company, based in Abu Dhabi, has announced plans to expand
Sheikh Mohamed bin Zayed Al Nahyan, Abu Dhabi's Crown Prince, has announced the creation of a worldwide renewable energy powerhouse that will lead the charge toward net-zero carbon emissions by 2050.
Abu Dhabi National Energy Company (TAQA), Mubadala Investment Company, and Abu Dhabi National Oil Company (ADNOC) will collaborate under the Abu Dhabi Future Energy Company (Masdar) brand, combining their efforts in renewable energy and green hydrogen.
The cooperation between three Abu Dhabi champions will have a combined present, committed, and exclusive renewable energy capacity of over 23 gigawatts (GW), with a total capacity of over 50 gigawatts (GW) by 2030.
According to a statement, the expanded Masdar organization will become one of the largest renewable energy enterprises of its kind, with a solid position to lead the sector on a worldwide scale.
The announcement brings all three partners' efforts together, integrating their renewable energy and green hydrogen portfolios under Masdar and utilizing the current clean energy pioneer's worldwide solid reputation and brand name.
The new Masdar alliance follows the formation of the Abu Dhabi Hydrogen Alliance in January, which includes Mubadala, ADNOC, and ADQ (TAQA's primary shareholder), as well as the introduction of a new worldwide renewable energy venture between ADNOC and TAQA on November 17.
According to the announcement, the partners will boost Masdar's development and expansion, with each stakeholder playing a significant role.
The news comes as the UAE prepares to host COP28 in 2023. The new partnership intends to accelerate the UAE's path to net-zero carbon by 2050 by further driving the de-carbonization of electricity across local and international markets.
Khaldoon Khalifa Al Mubarak, managing director, and group CEO, Mubadala, said: "Today marks the start of a new chapter for our clean energy champion, Masdar… Responding to the mounting challenges of a changing climate requires that we continue to look for innovative ways to create clean energy.
Parties to the partnership will sign into specific agreements and complete all essential transaction procedures, such as obtaining third-party and regulatory permissions.
Mubadala founded Masdar in 2006 to help the UAE maintain its leading position in the global energy industry while advancing its economic diversification and climate change agenda.
The firm operates in more than 35 countries on six continents and has created and invested approximately $20 billion in projects worldwide.
Masdar City, Abu Dhabi's most visible sustainable urban development, will remain Mubadala's property.
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Source: Arabian News