TAQA, ADNOC & Mubadala complete transaction for stake in Masdar

By Shilpa Annie Joseph, Official Reporter
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Masdar Acquisition
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Abu Dhabi National Energy Company (TAQA), Mubadala Investment Company, and Abu Dhabi National Oil Company (ADNOC) have completed the acquisition of the Masdar, with plans to propel it as a global leader in clean energy and green hydrogen.

Under the new partnership, Masdar will become a national clean energy powerhouse for the UAE. The largest share of the renewable capacity will come from wind and solar technologies. Mr. Mohamed Jameel Al Ramahi will continue as Chief Executive Officer (CEO) of the enlarged Masdar.

This transaction, first announced in December last year by President His Highness Sheikh Mohamed bin Zayed Al Nahyan, sees three Abu Dhabi champions combining their efforts to rapidly grow Masdar on a global scale under an expanded mandate covering renewable power, green hydrogen, and other enabling clean energy technologies.

According to the statement, “TAQA is taking the leading role in Masdar’s renewable business with a 43 percent shareholding, while Mubadala retains 33 percent and ADNOC holds 24 percent. ADNOC is taking the leading role in Masdar’s green hydrogen business with a 43 percent stake, Mubadala holding 33 percent, and TAQA 24 percent.”

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 $1.02 billion (AED3.7 billion) in cash for its stake.

Dr. Sultan Al Jaber
Dr. Sultan Al Jaber
UAE Minister of Industry & Advanced Technology
MD & Group CEO – ADNOC
Chairman – Masdar

“As the founding CEO of Masdar, I am excited to see Abu Dhabi’s energy leaders coming together to take Masdar to the next level. The Masdar clean energy powerhouse will unlock a new chapter of growth, development, and opportunity for renewable energy and green hydrogen projects, both in the UAE and worldwide. As the UAE delivers on its Net Zero by 2050 strategic initiative and prepares to host COP28 next year, by leveraging the skills and experience of its partners, Masdar will build on its rich legacy as a pioneer in the renewable energy sector, accelerate the delivery of world-scale projects, and help meet the world’s growing demand for clean energy. For ADNOC, our participation in Masdar is an important pillar in our strategy to expand clean energy production, unlock new opportunities for industrial development and drive decarbonization.”

Mr. Mohamed Hassan Alsuwaidi, Chairman of TAQA said that, “This transaction marks the start of Masdar’s journey towards becoming one of the largest clean energy companies in the world, backed by three of the UAE’s energy and investment pacesetters.”

As part of the deal, TAQA will offer to contribute its ownership interests in future Abu Dhabi renewable power projects to Masdar. Masdar City, Abu Dhabi’s flagship sustainable urban development, will continue to remain under Mubadala’s ownership as the sole shareholder.

“We established Masdar 16 years ago based on an early conviction that building capabilities and supporting innovation and scale across the clean energy spectrum would be transformative for the nation and an investment in future generations. Today, Masdar is one of the world’s fastest-growing renewable energy companies. This significant milestone helps unlock synergies in Masdar’s continued growth journey and the UAE’s global energy leadership. Global cooperation is vital to achieving the critical scale in clean energy sources, and we are committed to leveraging our partnerships to enable Masdar to deliver a broader global impact,” commented Mr. Khaldoon Khalifa Al Mubarak, Managing Director and Group Chief Executive Officer of Mubadala.

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