Abu Dhabi National Energy Company (TAQA), Abu Dhabi National Oil Company (ADNOC) and Mubadala Investment Co have entered into binding agreements for TAQA and ADNOC to purchase stakes in Abu Dhabi Future Energy Company (Masdar) from Mubadala. The deal puts a value for the new joint ventures at approximately AED 7bn ($1.9bn) on a 100% equity basis. The agreements will see TAQA acquire a 43% controlling stake in Masdar’s renewables business with Mubadala retaining a 33% interest and ADNOC owning the remaining 24%. ADNOC will also hold a 43% controlling stake in Masdar’s new green hydrogen joint venture, Mubadala will retain a 33% interest and TAQA will hold a 24% stake.
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