Abu Dhabi National Oil Company (ADNOC) announces that it has launched a new 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 30 Gigawatts (GW) of renewable energy by 2030.
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.
The agreement was signed in the presence of H.H. Sheikh Khaled bin Mohamed bin Zayed, by His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, and His Excellency Mohamed Hassan Alsuwaidi, Chairman of TAQA at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).
In October, H.H. Sheikh Khaled bin Mohamed bin Zayed launched a new clean energy partnership between ADNOC and Emirates Water and Electricity Company (EWEC), which will see up to 100% of the ADNOC’s grid power supplied by EWEC’s nuclear and solar clean energy sources.
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.
Moelis & Company is acting as exclusive financial advisor to ADNOC, with Citi acting as exclusive financial advisor to TAQA.