Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, revealed a global clean energy powerhouse intended to spearhead ADNOC Classification: public the drive to net-zero carbon by 2050. Consolidating their combined efforts in renewable energy and green hydrogen, Abu Dhabi National Energy Company PJSC (TAQA), Mubadala and ADNOC will partner under the Masdar brand.

The partnership between three Abu Dhabi companies will have a combined current, committed, and exclusive capacity of over 23 GW of renewable energy, with the expectation of reaching well over 50 GW total capacity by 2030. Upon completion of this transaction, the expanded Masdar entity will become one of the largest clean energy companies of its kind and be well positioned to lead the industry on a global scale.  

The announcement consolidates the efforts of all three partners, combining their renewable energy and green hydrogen portfolios into Masdar, leveraging the existing clean energy pioneer’s strong international legacy and brand identity. The new Masdar partnership builds on the creation in January 2021 of the Abu Dhabi Hydrogen Alliance, comprised of Mubadala, ADNOC and ADQ (TAQA’s majority shareholder) and the launch on November 17, 2021 of a new global renewable energy venture between ADNOC and TAQA. Collectively, the partners will supercharge Masdar’s growth and expansion, with each shareholder playing a key role. 

As the UAE prepares to host COP28 in 2023, this strategic partnership positions Abu Dhabi and the UAE at the forefront of the energy transition. The powerful new combination will further drive de-carbonization of power across local and international markets, while accelerating the UAE’s path towards net-zero carbon by 2050 and cementing its leading global role in green hydrogen.

The new partnership envisions a comprehensive focus on two key areas: renewable energy, and green hydrogen. H.E. Dr. Sultan Al Jaber will remain chairman of the expanded Masdar entity that will cover both renewables and green hydrogen business areas.  

It is planned that TAQA will take the leading role with a 43% shareholding in Masdar’s renewable energy business with Mubadala retaining 33% and ADNOC holding 24%. Meanwhile, ADNOC will take the leading role with a 43% shareholding in Masdar’s green hydrogen business, with Mubadala holding 33% and TAQA 24% respectively.  

The partnership envisages parties entering into detailed agreements as well as completion of necessary transaction requirements, including obtaining relevant third party and regulatory approvals.