Abu Dhabi National Oil Co (ADNOC.UL) and Abu Dhabi National Energy Company PJSC (TAQA) (TAQA.AD) have announced that they have formed a strategic partnership on clean energy, aiming to have 30 gigawatts of renewable capacity by 2030.
The new partnership between ADNOC and TAQA 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 move comes at a time when Gulf oil-producing countries are seeking to diversify their economies by creating new sectors and revenues, including through a big push in renewable energy.
ADNOC and TAQA's green hydrogen development projects will now come together, bringing TAQA's expertise in renewable power and ADNOC's efforts to create a hydrogen value chain.
The association envisions 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 is acting as exclusive financial advisor to ADNOC, with Citi group acting as exclusive financial advisor to TAQA.
Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said, "Today's strategic partnership between two Abu Dhabi energy giants future-proofs ADNOC's business model, creating compelling business and commercial opportunities, as we fully embrace the energy transition. 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."
"This platform will enable ADNOC to capitalize on the many renewable energy and hydrogen opportunities, both locally and globally. Building on ADNOC's highly successful partnership and growth model, we invite other partners to join this promising new venture on its exciting journey. As the UAE looks ahead to hosting COP 28 in 2023, our nation pledges an inclusive energy ecosystem, enabling sustainable future economic growth, for the benefit of Abu Dhabi and the UAE," he said