TAQA, ADNOC, and Mubadala complete landmark transaction for stake in Masdar clean energy powerhouse

TAQA, ADNOC, and Mubadala complete landmark transaction for stake in Masdar clean energy powerhouse

ABU DHABI, 8th December, 2022 (WAM) -- Abu Dhabi National Energy Company (TAQA), Mubadala Investment Company (Mubadala) and Abu Dhabi National Oil Company (ADNOC) announced today the successful completion of the Masdar transaction, following which they will all become shareholders in Abu Dhabi Future Energy Company (Masdar) – Abu Dhabi’s flagship clean energy company.

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.

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

Mubadala established Masdar in 2006