Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company (TAQA) will form a new global renewable energy and green hydrogen venture.
The new venture will have a total generating capacity of at least 30 Gigawatts (GW) of renewable energy by 2030, fostering the UAE's position in green hydrogen and the energy transition, according to a press release on Wednesday.
The new partnership will focus on domestic and international renewable energy and waste-to-energy projects as well as the production, processing, and storage of hydrogen and ancillary activities.
Meanwhile, the venture will benefit from TAQA’s expertise in developing and optimising renewable power, namely low-cost solar power, and ADNOC’s efforts to create domestic and international hydrogen value chains.
The UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, 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."
Meanwhile, the Chairman of TAQA, Mohamed Hassan Alsuwaidi, commented: "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."
