ADNOC, TAQA form renewable, hydrogen venture

Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company (TAQA) have formed new renewable energy and green hydrogen venture, ADNOC said on November 17.

The new venture is expected to have at least 30 GW of renewable energy by 2030. The partnership will focus on domestic and international renewable energy and waste-to-energy projects as well as the production, processing and storage of green hydrogen and ancillary activities.

ADNOC believes the partnership will benefit from the availability of low-cost renewable energy in the UAE and the country’s proximity to significant future demand centres for hydrogen and its carrier fuels. 

The partnership between ADNOC and TAQA envisages both parties entering into detailed joint venture arrangements as well as the completion of necessary transaction requirements, including obtaining relevant third-party and regulatory approvals.