Abu Dhabi energy sector giants Adnoc and Taqa have completed their acquisition of stakes in the emirate’s leading renewables developer Masdar a year after the deal was first announced (MEES, 3 December 2021).
Following completion, Taqa has taken the leading role in Masdar’s renewable business with a 43% stake, while Mubadala retains 33% and Adnoc holds 24%. Meanwhile, Adnoc is taking the leading role in Masdar’s nascent green hydrogen business with a 43% stake, Mubadala retains 33%, and Taqa holds 24%. The partners expect the transaction to help Masdar achieve its targets of 100GW renewable capacity and 1GW green hydrogen capacity by 2030. Masdar CEO Mohamed Jameel al-Ramahi will remain in post. (CONTINUED - 106 WORDS)