Abu Dhabi National Oil Co (ADNOC.UL) and Abu Dhabi National Energy Company PJSC (TAQA) (TAQA.AD) have formed a strategic partnership on clean energy, aiming to have 30 gigawatts of renewable capacity by 2030, the companies said on Wednesday.
The move comes at a time when Gulf oil-producing countries are trying to diversify their economies by creating new sectors and revenues, including through a big push in renewable energy.
The collaboration 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 companies said in a statement.
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 tie-up envisages 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.