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Abu Dhabi National Energy Co., also known as TAQA, said its 43% stake acquisition in the UAE renewable energy company Masdar, once complete, will help to immediately raise its share of renewables to 34% of its gross installed capacity, exceeding the current 2030 target of 30%.
In an investor presentation released on Tuesday, TAQA said the transaction is also expected to help it reach 70% of its current 2030 target capacity of 50GW.
In June, TAQA and state-owned Abu Dhabi National Oil Company acquired controlling stakes in the clean energy company from sovereign investor Mubadala Investment Co. ADNOC takes a 23% stake while Mubadala will retain 33%. The joint venture will make Masdar the exclusive vehicle for renewables and green hydrogen as the UAE pushes to reach its net-zero ambitions by mid-century.
Following the acquisition, in July, the company said it would ramp up its renewables as it transitions towards a cleaner and more sustainable future.
Masdar also has a 50 GW target renewables capacity by 2030. It recently announced plans to accelerate its global renewables development plan to reach 100 GW of installed capacity and ultimately double this target again to 200 GW.
TAQA, owned by Abu Dhabi state-owned holding company ADQ, has a portfolio of energy assets in the United Kingdom's North Sea, the Netherlands, Canada and Iraqi Kurdistan.
Abu Dhabi National Energy Company (TAQA) is a diversified utilities and energy group headquartered in Abu Dhabi.
The UAE became the first country in the Arab world to announce plans to reach net-zero emissions by 2050 ahead of the UN Climate Change Conference in Glasgow in 2021.
(Reporting by Brinda Darasha; editing by Seban Scaria)
