Abu Dhabi’s ADNOC, TAQA form global green energy joint venture

Abu Dhabi’s ADNOC, TAQA form global green energy joint venture

A new global renewable energy and green hydrogen venture has been launched between Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company (TAQA). Both companies will create a clean energy giant, with a total generating capacity of at least 30 gigawatts (GW) of renewable energy by 2030, that will further the UAE’s role in green hydrogen. The strategic 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. It will also leverage ADNOC’s energy and hydrogen capabilities and TAQA’s renewables expertise, a statement said. This partnership will also benefit from the availability of low-cost renewable energy in the UAE. Both parties are expected to enter into detailed joint venture arrangements as well as complete necessary transaction requirements, including obtaining relevant third-party and regulatory approvals. Moelis & Company and Citi are acting as exclusive financial advisors to ADNOC and TAQA respectively. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council, Chairman of the Abu Dhabi Executive Office, and Chairman of the Executive Committee of the Board of Directors of ADNOC, who launched the venture, emphasised on