Mubadala, Abu Dhabi National Energy Company (TAQA), and ADNOC completed a transaction with Masdar to become shareholders in the Abu Dhabi Future Energy Company (Masdar).
With this transaction, the three Abu Dhabi champions are combining their efforts to rapidly expand Masdar’s global footprint and portfolio, including renewable power, green hydrogen and other enabling clean energy technologies. The partnership has also created a platform for Masdar to become a global clean energy powerhouse that consolidates the renewable energy and green hydrogen efforts of TAQA, Mubadala, and ADNOC under a refreshed single Masdar brand.
Under the new partnership, Masdar is on track to reach its ambitious target of growing to at least 100GW of renewable energy capacity globally by 2030. The largest share of this capacity will come from wind and solar technologies. The company also aspires to develop more than 200GW of renewable energy, reinforcing its position as a world leader in the renewable energy sector.
As Masdar continues to target growth opportunities around the world including in the U.S., MENA, CIS, APAC, and key European countries, it will also play a central role in providing the clean energy needed for the UAE to achieve its own net zero target by 2050.
