UAE’s Mubadala sells majority stake in Masdar to Adnoc and Taqa: The UAE’s Abu Dhabi National Energy Company (Taqa) and Abu Dhabi National Oil Company (Adnoc) have completed a transaction to purchase stakes in sovereign wealth fund Mubadala’s clean energy firm Masdar, according to a joint statement. Taqa paid USD 1.02 bn for its stake, the statement noted.

How the ownership breaks down: Taqa will hold a 43% stake in Masdar’s renewables business, while Mubadala is retaining its 33% stake and Adnoc will take 24%, the statement notes. In Masdar’s nascent green hydrogen business, Adnoc will own a 43% stake, Mubadala will own 33% and Taqa 24%, it adds.

And the plan is to grow the company both within and beyond MENA: The firm is aiming for a renewable energy capacity of at least 100 GW by 2030 with a production quota of up to 1 mn tons of green hydrogen, the statement notes. It ultimately plans to expand its renewable energy portfolio to over 200 GW, it adds, without giving a time frame for this target.

Masdar already has a strong footprint — and has recently signed a slew of fresh agreements: The company is active in over 40 countries in six continents, and has developed and invested in projects with a combined value of more than USD 20 bn. Alongside Infinity Power and Hassan Allam Utilities, Masdar signed an agreement at COP27 last month to build a 10 GW wind farm in Egypt — which could be one of the world’s largest. The three companies also went big on green hydrogen, inking an agreement to establish a facility with production capacity of 480k tons of green hydrogen a year. Masdar is building a 100 MW solar plant in Turkmenistan, entering the country for the first time. This follows an announcement in September that it’s building a 500 MW wind farm in Uzbekistan, at an anticipated cost of USD 600 mn. Masdar, along with waste management company Bee’ah and France’s Veolia Middle East, will also operate and maintain the Sharjah waste-to-energy plant for 25 years.