Abu Dhabi, June 21, 2022 (WAM)-Abu Dhabi National Energy Company (TAQA), Abu Dhabi National Oil Company (ADNOC), Mubadara Investment Company, TAQA and ADNOC binding force to purchase shares in Abu Dhabi Future Energy Mbadara’s company (Masdar) has signed a contract.

This is a major milestone for completing the deal announced by President Sheikh Mohammed bin Zayed al-Nahyan at the end of last year. The partnership has embarked on the creation of a global clean energy power plant under the Masdar brand that integrates TAQA, Mubadala and ADNOC’s renewable energy and green hydrogen efforts.

The transaction will bring the value of the new Masdar joint venture to approximately A $ 7 billion (US $ 1.9 billion) on a 100% equity basis. Under a binding agreement, TAQA will take control of 43% of Masdar’s renewable energy business, Mubadala will hold a 33% stake and ADNOC will own the remaining 24% stake.

Meanwhile, ADNOC holds 43% control of Masdar’s new green hydrogen joint venture, Mubadala holds a 33% stake, and TAQA holds a 24% effective stake.

As part of the agreement, TAQA will offer a minimum share of 40% in future Abu Dhabi Renewable and Green Hydrogen projects.

Jasim Husan Thabet, Group Chief Executive Officer and Managing Director of TAQA, commented: By 2030, we are targeting more than 30% of renewable energy generation capacity, accelerating future growth plans as demand for renewable energy and green hydrogen projects grows significantly.

We will work closely with Mbadara and ADNOC to transform the energy landscape through Masdar based on collaboration and great ambitions to drive the UAE’s Strategic Initiative by 2050. ”

Khaled Salmeen, Executive Director of ADNOC’s Downstream Industry, Marketing & Trading Department, signing this groundbreaking deal’s binding agreement guarantees ADNOC’s business in the future and opens up a new energy business. He said it is another important milestone in the ongoing journey to grow.

“We are excited to work with TAQA and Mubadara to integrate our joint efforts to create a new national champion of renewable energy and green hydrogen. ADNOC has been a customer worldwide for over 50 years. A trusted energy supplier and confident. This new world-class partnership solidifies ADNOC’s entry into the international clean energy sector, while putting UAE at the forefront of the global energy transformation. Will continue to be positioned in. ”

Musabbeh Al Kaabi, CEO of UAE Investments at Mubadala Investment Company, said: “This milestone is a clear proof of Mubadala’s commitment to achieving UAE’s long-term sustainability ambitions. Today’s signature with two of Abu Dhabi’s major energy players, ADNOC and TAQA, is: We are one step closer to further strengthening Mubadala’s responsible investment strategy and fulfilling the UAE’s aspirations for sustainability.

Masdar’s new equity holding structure strengthens strategic partnerships between Abu Dhabi’s great powers and consolidates the UAE’s pioneering position as a future-proof global energy leader. ”

The transaction is subject to the completion of required transaction requirements, such as the acquisition of relevant third parties and regulatory approval, which is expected to take several months.

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