ADNOC launches global green energy venture

ADNOC TAQAHH 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 Abu Dhabi National Oil Company (ADNOC), has launched a global renewable energy and green hydrogen venture between ADNOC and Abu Dhabi National Energy Company PJSC (TAQA)

Abu Dhabi’s two energy giants will create a clean energy powerhouse, with a total generating capacity of at least 30GW of renewable energy by 2030, which will position Abu Dhabi and the UAE at the forefront of the energy transition and further advance its global leadership role in green hydrogen.

The new strategic partnership is expected to 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. The new partnership will leverage ADNOC’s energy and hydrogen capabilities and TAQA’s renewables expertise, with bold aspirations for significant local and international growth.

Commending both companies for their visionary partnership, HH Sheikh Khaled bin Mohamed bin Zayed emphasised how the UAE continues to proactively advance practical solutions and capitalise on opportunities to secure a lower carbon future as the nation works to achieve its ‘Net-Zero by 2050 Strategic Initiative.’

Speaking at ADIPEC, HE Dr Al Jaber said, “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. This platform will enable ADNOC to capitalise on the many renewable energy and hydrogen opportunities, both locally and globally. Building on ADNOC’s highly successful partnership and growth model, we invite other partners to join this promising new venture on its exciting journey."

The landmark clean energy partnership brings ADNOC and TAQA’s green hydrogen development projects together by combining TAQA’s expertise in the development and optimization of renewable power, in particular low-cost solar power and ADNOC’s ongoing efforts to create domestic and international hydrogen value chains.

The partnership between ADNOC and TAQA envisages both parties entering into detailed joint venture arrangements as well as the completion of necessary transaction requirements, including obtaining relevant third-party and regulatory approvals.

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