Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi National Energy Company (Taqa) have signed an agreement to create a clean energy powerhouse with a total generating capacity of 30 Gigawatts (GW) of renewable energy by 2030.
The new venture solidifies the UAE’s global position in energy transition, paving the way towards the nation’s ‘Net-Zero by 2050 Strategic Initiative’.
The new 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 leverage Adnoc’s energy and hydrogen capabilities and Taqa’s renewables expertise for local and international growth.
The agreement was signed by Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Adnoc Managing Director and Group CEO, and Mohamed Hassan Alsuwaidi, Chairman of TAQA at the ONGOING abu dhabi international petroleum exhibition and conference (Adipec).
Also present was 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).
Dr Al Jaber said: “The strategic partnership between two Abu Dhabi energy giants future-proofs Adnoc’s business model, creating compelling business and commercial opportunities, as we fully embrace the energy transition. This innovative and collaborative venture is a bold new initiative, as it combines both companies’ respective areas of expertise and paves the way for our viable entry into the clean energy space.”
He said the platform will enable Adnoc to capitaliSe on the many renewable energy and hydrogen opportunities, both locally and globally.
Dr Al Jaber also called on other partners to join this promising new venture on its exciting journey.
“As the UAE looks ahead to hosting COP 28 in 2023, our nation pledges an inclusive energy ecosystem, enabling sustainable future economic growth, for the benefit of Abu Dhabi and the UAE.”
Alsuwaidi said: “This partnership between Taqa and Adnoc will be a powerful catalyst to unlock significant potential for accelerating the green hydrogen market and rapidly expanding renewable energy. Taqa is supporting Abu Dhabi’s aim to be a green hydrogen hub using our expertise in low-cost solar PV and desalinated water: two critical elements for green hydrogen.”
The UAE offers several strategic advantages that provide a robust platform to enable this partnership, including being home to some of the largest and lowest-cost solar plants in the world.
This partnership will also benefit from the availability of low-cost renewable energy in the UAE and the country’s proximity to significant future demand centers for hydrogen and its carrier fuels.
In October, Sheikh Khaled launched a new clean energy partnership between Adnoc and Emirates Water and Electricity Company (EWEC), which will see up to 100 per cent of the Adnoc’s grid power supplied by EWEC’s nuclear and solar clean energy sources.
Moelis and Company is financial advisor to Adnoc, with Citi to TAQA. –Tradearabia News Service