Abu Dhabi National Oil Co (ADNOC) and Abu Dhabi National Energy Company PJSC (TAQA) have formed a strategic cooperation on clean energy, with the aim of having 30 GW of renewable capacity by 2030. The new collaboration between ADNOC and TAQA will focus on domestic and worldwide renewable energy and waste-to-energy projects, as well as green hydrogen generation, processing, and storage, and ancillary operations.
ADNOC and TAQA’s green hydrogen development initiatives would be combined, integrating TAQA’s renewable energy expertise with ADNOC’s attempts to establish a hydrogen value chain. ADNOC has retained Moelis as its exclusive financial advisor, while TAQA has retained Citi Group as its exclusive financial advisor.
Both parties will enter into specific joint venture agreements, as well as complete all necessary transaction formalities, such as acquiring necessary third-party and regulatory permissions. As per a company statement, the platform will enable ADNOC to capitalize on the many renewable energy and hydrogen opportunities, both locally and globally.
REGlobal’s Views: UAE, with its low cost renewable energy projects and proximity to demand centers for hydrogen, is an ideal location for a platform of such magnitude.
