Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi National Energy Company (Taqa) have agreed to form a renewable energy and green hydrogen joint venture.
Under the partnership, the two companies plan to install 30GW of renewable energy generation capacity by 2030.
They aim to position Abu Dhabi and the United Arab Emirates (UAE) as a global leader in the green hydrogen segment.
UAE Minister of Industry and Advanced Technology and Adnoc managing director and Group CEO Dr Sultan Ahmed 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.”
Adnoc and Taqa will focus on the development of renewable energy and waste-to-energy projects in both the domestic and overseas markets.
They will also focus on the production and storage of green hydrogen.
The partnership will combine Adnoc’s energy and hydrogen capabilities with Taqa’s knowledge of the renewable sector.
Taqa chairman Mohamed Hassan 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.”
US-based investment bank Moelis & Company is serving as Adnoc’s exclusive financial adviser for the partnership, with Citi acting as Taqa’s sole financial adviser.