ADNOC and TAQA launch renewable energy venture
Published by Bella Weetch,
Editorial Assistant
Energy Global,
His Highness 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 new global renewable energy and green hydrogen venture between ADNOC and Abu Dhabi National Energy Company (TAQA).
Abu Dhabi’s two energy giants will create a clean energy powerhouse, with a total generating capacity of at least 30 GW of renewable energy by 2030, that 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 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. It 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, H.H. 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’.
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).
The partnership brings ADNOC and TAQA’s green hydrogen development projects together by combining TAQA’s expertise in the development and optimisation of renewable power, in particular low-cost solar power, and ADNOC’s ongoing efforts to create domestic and international hydrogen value chains.
The UAE offers several strategic advantages that provide a robust platform to enable this partnership, including being home to some of the largest and lowest-cost solar plants in the world. This partnership will also benefit from the availability of low-cost renewable energy in the UAE and the country’s proximity to significant future demand centres for hydrogen and its carrier fuels.
In October 2021, 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 (JV) 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.
Read the article online at: https://www.energyglobal.com/other-renewables/18112021/adnoc-and-taqa-launch-renewable-energy-venture/
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