DUBAI: Abu Dhabi’s National Oil Company, Taqa and Abu Dhabi sovereign wealth fund Mubadala Investment Company said on Wednesday they would all become shareholders in Masdar, the Emirate’s flagship clean energy company.

Taqa will hold a 43% share in the company, Mubadala will retain its 33% and ADNOC will hold 24%, the three companies said in a statement.

The partnership will see Taqa, which paid $1.02 bln in cash for its stake, take a lead role in Masdar’s renewable business while ADNOC will be at the forefront of the firm’s green hydrogen plans.

The Abu Dhabi Future Energy Company Masdar was established by Mubadala in 2006 to extend the UAE’s role in the global energy sector and drive the country’s climate action agenda.

It is active in over 40 countries and has developed and invested in global projects with a combined value of $20 bln. Under the new partnership, Masdar has a target to grow to at least 100 GW of renewable energy capacity, mostly wind and solar, by 2030.

The company’s new green hydrogen business will also scale up and target an annual production capacity of up to 1 million tonnes by 2030, equivalent to saving more than 6 million tonnes of CO2 emissions.

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“Masdar will build on its rich legacy as a pioneer in the renewable energy sector, accelerate the delivery of world-scale projects, and help meet the world’s growing demand for clean energy,” Sultan al-Jaber, the UAE’s minister of industry and advanced technology, who is also ADNOC chief and Masdar chairman, said in the statement.

The UAE, which is preparing to host the COP28 climate conference next year, has a net zero by 2050 target.