Friday, February 3 2023 Sign In   |    Register
 

News Quick Search


 

News


Front Page
Power News
Today's News
Yesterday's News
Week of Jan 30
Week of Jan 23
Week of Jan 16
Week of Jan 09
Week of Jan 02
By Topic
By News Partner
Gas News
News Customization
Feedback

 

Pro Plus(+)


Add on products to your professional subscription.
  • Energy Archive News
  •  



    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    ADNOC, TAQA, Mubadala complete Masdar stake deal


    December 8, 2022 - Global Data Point

     

      Abu Dhabi National Energy Co (TAQA) has paid $1.02 billion in cash for its stake in Abu Dhabi Future Energy Company (Masdar), following an agreement to become Masdars shareholder alongside ADNOC and Mubadala Investment Co.

      TAQA said in a statement on Thursday that the transaction, which sets out to create a global clean energy powerhouse, will see it acquire a 43% controlling stake in Masdars renewables business with Mubadala retaining a 33% interest, and ADNOC owning the remaining 24%.

      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, it added.

      Masdar has set a target of growing to at least 100GW of renewable energy capacity globally by 2030.

      The largest share of this capacity will come from wind and solar technologies. Beyond its initial goals, the company aspires to develop in excess of 200 GW of renewable energy, reinforcing its position as a world leader in the renewable energy sector, TAQA said in the statement.

      With the completion of the transaction, a new board of directors has been appointed for Masdars renewable business with Dr. Sultan Ahmed Al Jaber, who is Minister of Industry and Advanced Technology, has been reappointed as chairman. Al Jaber is also Managing Director and Group CEO of ADNOC.

    TOP

    Other Articles - International


    TOP

       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2023 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.