Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA) and Abu Dhabi National Oil Company (ADNOC) have signed binding agreements to acquire stakes in Abu Dhabi Future Energy Company (Masdar) from Mubadala Investment Company (Mubadala).

The transaction aims to create a global clean energy powerhouse that supports the renewable energy and green hydrogen initiatives of TAQA, Mubadala, and ADNOC under the Masdar brand, according to a press release on Tuesday.

The new Masdar joint ventures are valued at around AED 7 billion ($1.9 billion).

Under the agreements, TAQA and ADNOC will acquire a 43% and 24% stake in Masdar’s renewables business, respectively, while Mubadala will maintain a 33% interest.

TAQA’s Group CEO and Managing Director, Jasim Husain Thabet, said: "At the completion of this transaction TAQA will exceed its 2030 targets of having more than 30% of its generation capacity from renewable energy and will accelerate our future growth plans as the demand for renewable power and green hydrogen projects significantly increase."

Meanwhile, the Executive Director of the Downstream Industry, Marketing, and Trading Directorate of ADNOC, Khaled Salmeen, commented: "We are confident that this new world-class partnership will continue to position the UAE at the forefront of the global energy transition, while cementing ADNOC’s foray into the international clean energy space."