Taqa, Mubadala, ADNOC complete Madsar stake purchase

Abu Dhabi National Energy Company (Taqa), Mubadala Investment Company and Abu Dhabi National Oil Company (ADNOC) have completed the deal to become shareholders in Abu Dhabi Future Energy Company (Masdar) – Abu Dhabi’s flagship clean energy company, Masdar said on December 8.

Taqa is taking the leading role in Masdar’s renewable business with a 43% shareholding, while Mubadala retains 33% and ADNOC holds 24%. ADNOC is taking the leading role in Masdar’s green hydrogen business with a 43% stake, Mubadala holding 33%, and Taqa 24%. This transaction was first announced in December last year.

The partnership sets out to develop Masdar into 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. Taqa paid $1.02bn in cash for its stake.

Madsar was established by Mubadala in 2006. Today, Masdar is active in more than 40 countries across six continents and has developed and invested in worldwide projects with a combined value of over $20bn. 

Under the new partnership, Masdar has a 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. Beyond its initial goals, the company aspires to develop in excess of 200 GW of renewable energy, reinforcing its position as a world leader in the renewable energy sector. 

In addition, Masdar’s new green hydrogen business will target an annual green hydrogen production capacity of up to 1mn metric tons by 2030.