TAQA, ADNOC wrap up Masdar deal with Mubadala

Abu Dhabi National Energy Company (TAQA) and Abu Dhabi National Oil Company (ADNOC) have completed the acquisition of stakes in Masdar, joining efforts in a push to massively grow the renewable developer's green energy business on a global level.

As a result of the deal unveiled in December 2021, TAQA is the largest investor in Masdar’s renewable business with a 43% interest, while Abu Dhabi sovereign wealth fund Mubadala kept 33% and ADNOC took 24%.

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In addition, ADNOC holds a 43% stake in Masdar’s green hydrogen business, while TAQA owns 24% and Mubadala keeps 33%.

The three UAE-based companies will now seek to expand Masdar's green energy business, targeting at least 100 GW of renewables by the end of this decade with aspirations to grow its portfolio to over 200 GW. Wind and solar will account for the largest share of the portfolio.

Masdar's green hydrogen capacity will be also scaled to reach up to 1 million tonnes by 2030.

The growth will be driven by a combination of new and existing projects, as well as acquisitions and will be focused on the US, the Middle East and North Africa, the Commonwealth of Independent States, Asia-Pacific, and key European countries.

After the deal, Sultan Ahmed Al Jaber, who is UAE's minister of industry and ADNOC chief, was reappointed as chairman at Masdar while Mohamed Jameel Al Ramahi will continue to serve as chief executive.

Masdar was created by Mubadala in 2006 to ensure the UAE’s leading position in the global energy sector. The Gulf country seeks to achieve net zero by 2050 and will host the COP 28 summit next year.