UAE's ADNOC and TAQA partner in 30 GW global green energy venture

The venture was launched by Sheikh Khaled bin Mohamed bin Zayed at the ADIPEC exhibition

  
Employees are seen at the Panorama Digital Command Centre at the ADNOC headquarters in Abu Dhabi, UAE December 10, 2019.

Employees are seen at the Panorama Digital Command Centre at the ADNOC headquarters in Abu Dhabi, UAE December 10, 2019.

REUTERS/Satish Kumar

The Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company (TAQA) have launched a new global green energy venture, which they say will generate 30GW of energy by 2030.

The initiative, launched by Sheikh Khaled bin Mohamed bin Zayed at the ADIPEC conference in Abu Dhabi, 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 two companies said.

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 capitalise on the many renewable energy and hydrogen opportunities, both locally and globally.”

It was announced last week at the COP 26 climate conference in Glasgow, UK, that the UAE will be hosting COP 28 in 2023, following COP 27 in Egypt in 2022.

TAQA chairman Mohamed Hassan Alsuwaidi said: “TAQA has set out to become a champion for low carbon power and water and is already a world leader in solar power.

“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.

“TAQA is supporting Abu Dhabi’s aim to be a green hydrogen hub using our expertise in low-cost solar [photovoltaic] PV and desalinated water: two critical elements for green hydrogen.”

The announcement follows the launch of a partnership between ADNOC and Emirates Water and Electricity Company (EWEC) last month.

(Writing by Imogen Lillywhite; editing by Seban Scaria)

Imogen.lillywhite@refinitiv.com

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