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					</table><p>Abu Dhabi National Energy Company (<a href="https://www.taqa.com/" target="_blank" rel="noopener">TAQA</a>), Abu Dhabi National Oil Company (<a href="https://www.adnoc.ae/" target="_blank" rel="noopener">ADNOC</a>), and <a href="https://www.mubadala.com/" target="_blank" rel="noopener">Mubadala Investment Company</a> have entered into binding agreements to acquire a stake in Abu Dhabi Future Energy Company (<a href="https://masdar.ae/" target="_blank" rel="noopener">Masdar</a>), a UAE-based clean energy company.</p>
<p>The transaction values the new Masdar joint ventures at approximately AED 7 billion (~$1.9 billion) on a 100% equity basis.</p>
<p>The binding agreement will stipulate TAQA to acquire a 43% controlling stake in Masdar&#8217;s renewables business, Mubadala to retain 33%, and ADNOC to own the remaining 24%.</p>
<p>In Masdar&#8217;s new green hydrogen venture, ADNOC will hold a 43% controlling stake, Mubadala will retain 33% interest, and TAQA will have a 24% effective stake.</p>
<p>TAQA will contribute its rights to a minimum 40% share in future Abu Dhabi renewable and green hydrogen projects as part of the deal.</p>
<p>&#8220;At the completion of this transaction, TAQA will exceed its 2030 targets of having more than 30% of its generation capacity from renewable energy and will accelerate our future growth plans as the demand for renewable power and green hydrogen projects significantly increase,&#8221; said Jasim Husain Thabet, TAQA&#8217;s Group Chief Executive Officer and Managing Director.</p>
<p>Last month, ADNOC <a href="https://mercomindia.com/daily-news-wrap-up-power-minister-urges-states-energy-transition/" target="_blank" rel="noopener">acquired</a> a 25% stake in bp&#8217;s blue hydrogen project, its first investment in the UK.</p>
<p>&#8220;For ADNOC, it has provided ways to future-proof our operations and grow its new energies business after being a reliable supplier of energy to customers around the world for more than five decades,&#8221; said Khaled Salmeen, Executive Director of the Downstream Industry, Marketing &amp; Trading Directorate, ADNOC.</p>
<p>&#8220;This agreement cements Mubadala&#8217;s responsible investing strategy and its foresight established at the time of its founding to diversify the UAE&#8217;s energy mix,&#8221; said Musabbeh Al Kaabi, CEO, UAE Investments of Mubadala Investment Company.</p>
<p>In April this year, Mubadala <a href="https://mercomindia.com/blackrock-mubadala-to-invest-%E2%82%B940-billion-in-tata-power/" target="_blank" rel="noopener">invested</a> ₹40 billion in Tata Power&#8217;s Renewables Arm for a 10% Stake.</p>
<p>The transaction is subject to the completion of necessary transaction requirements, relevant third party, and regulatory approvals.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/vijayalakshmi-sridhar/" class="vcard author" rel="author"><span class="fn">Vijayalakshmi Sridhar</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/New-Project-6.jpg" width="77" height="102" /> <a href="https://mercomindia.com/author/vijayalakshmi-sridhar/" target="_blank" rel="noopener">Vijayalakshmi</a> is a staff reporter at MercomIndia.com. She has two decades of experience as an independent journalist and features writer, and her work is featured across various publications and genres such as business, food, and clean energy. <a href="https://mercomindia.com/author/vijayalakshmi-sridhar/" target="_blank" rel="noopener">More articles from Vijayalakshmi</a>.</p>
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UAE’s Clean Energy Company Masdar Acquired in a Deal Valued at $1.9 Billion

<p>The Emirates Water and Electricity Company (<a href="http://www.ewec.ae/en/home" target="_blank" rel="noopener noreferrer">EWEC</a>) announced that it has awarded the 2 GW Al Dhafra solar PV project to a consortium comprising Abu Dhabi National Energy Company (<a href="https://www.taqa.com/" target="_blank" rel="noopener noreferrer">TAQA</a>), <a href="https://masdar.ae/" target="_blank" rel="noopener noreferrer">Masdar</a>, <a href="http://www.jinkopower.com/" target="_blank" rel="noopener noreferrer">JinkoPower</a>, and <a href="https://www.edf.fr/en/meta-home" target="_blank" rel="noopener noreferrer">EDF</a>.</p>
<p>EWEC replaced the earlier Abu Dhabi Water and Electricity Company (ADWEC) that was merged within the Ministry of Energy in 2018. EWEC said that it signed the power purchase agreement (PPA) and shareholder agreement with the consortium led by TAQA and Masdar. The company said that it <a href="https://mercomindia.com/abu-dhabi-2-gw-solar-project-2/" target="_blank" rel="noopener noreferrer">set the tariff</a> for solar energy at United Arab Emirates Dirham (AED) 0.0497 (~$0.0135)/kWh based on the levelized cost of electricity.</p>
<p>The financial closure of the projects is expected to take place in the third quarter of 2020, according to the company’s press statement. In this project, Masdar and TAQA will own 60%, while JinkoPower and EDF will own the remaining 40%, it added.</p>
<p>According to the company’s press release, the project would be located approximately 35 kilometers from Abu Dhabi city, and the project would expand Abu Dhabi’s solar power capacity to approximately 3.2 GW. The solar project could help reduce carbon dioxide emission by nearly 2.4 million metric tons annually, it added.</p>
<p>“We are working to secure long-term energy supply and reinforce solar power’s integral role in meeting current and future energy needs. Combined with key technological advances, the Al Dhafra Solar PV project will have a significant impact on diversifying the approach to our current electricity supply, and drive our strategic plan to further contribute towards sector’s transformation in water and electricity production, as we develop low-carbon grid in the UAE,” said Othman Al Ali, Chief Executive Officer of EWEC.</p>
<p>In February 2019, the Emirates Water and Electricity Company had <a href="https://mercomindia.com/eoi-2-gw-solar-al-dafra-abu-dhabi/" target="_blank" rel="noopener noreferrer">invited expressions of interest</a> for the development of a 2 GW solar power project at Al Dhafra.</p>
<p>Due to the spread of coronavirus (COVID-19) pandemic, the Emirates Water &amp; Electricity Company had previously <a href="https://mercomindia.com/abu-dhabi-postpones-public-opening-bids-solar/" target="_blank" rel="noopener noreferrer">postponed</a> the planned public opening of the commercial tariffs for the Al-Dhafra solar project.</p>
<p>Image credit: Jinko Power</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Masdar, Jinko, and TAQA to Develop UAE’s 2 GW Al Dhafra Solar Project

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