Masdar, with investments worth $20 billion globally, is rapidly expanding its renewables portfolio as countries focus on cutting emissions to limit global warming.
Abu Dhabi’s clean energy company Masdar is looking at acquisitions in different countries and is aiming to reach 100 gigawatts of renewable capacity in the next 10 years, as it continues to expand its operations.
The company signed a preliminary agreement with Germany’s RWE Renewables to collaborate and explore the development of offshore wind projects in key markets.
Abu Dhabi National Energy Company better known as Taqa Abu Dhabi National Oil Company and Mubadala Investment Company entered into binding agreements through which Taqa and Adnoc will acquire stakes in Masdar from Mubadala.
In Masdar’s new green hydrogen joint venture, Adnoc will hold a 43 per cent controlling stake, Mubadala will retain a 33 per cent interest and Taqa will hold a 24 per cent share.
Masdar is teaming up with Fertiglobe¸ the Abu Dhabi-based chemicals joint venture of energy major Adnoc, Netherlands-listed OCI and France’s Engie, to co-develop a green hydrogen facility in the Emirates to produce ammonia.
As part of the agreement signed earlier this year, the three companies will study the development, design, financing, procurement, construction, operation and maintenance of an industrial-scale and globally cost-competitive green hydrogen facility in Al Ruwais with a potential capacity of up to 200 megawatts.
Green hydrogen is derived from renewable sources. There are also other forms of hydrogen including blue and grey hydrogen, which are produced from natural gas.
Masdar is also developing new green hydrogen production plants in Egypt along the Mediterranean coast and in the Suez Canal Economic Zone.
The company is also developing the world’s largest solar plant at Al Dhafra in Abu Dhabi with a capacity of two gigawatts. It is expected to be operational at the beginning of next year.