Sixteen years ago, Mubadala embarked on a mission to invest in the renewable energy sector through the establishment of Masdar. Since then, Masdar has become a leading player in the industry, becoming one of the world’s fastest-growing renewable energy companies.
Last year, Mubadala completed the divestment of 67 percent of shareholding in Masdar for a consideration of AED 5.8 billion. TAQA acquired 43 percent, ADNOC acquired 24 percent, with Mubadala retained 33 percent. Masdar Green Hydrogen was incorporated as part of this transaction, with ADNOC holding 43 percent, Mubadala 33 percent and TAQA 24 percent.
Under the new partnership, Masdar will become a national clean energy champion for the UAE, aiming to grow its current capacity of 20GW to 100GW of renewable energy globally by 2030. The largest share of this capacity will come from wind and solar technologies. In addition, Masdar’s new green hydrogen business will rapidly scale up and target an annual green hydrogen production capacity of up to 1 million tons by 2030.
Masdar will target growth opportunities around the world, including in the US, Europe, Middle East, Africa, CIS, and Asia Pacific, along with a central role in providing the clean energy needed for the UAE to achieve its own 2050 net-zero targets. Growth is expected to come from a combination of new and existing projects and acquisitions.
