RIYADH: Abu Dhabi National Energy Co., known as TAQA, and Abu Dhabi National Oil Co., or ADNOC, have sealed a deal to acquire controlling stakes in UAE’s Masdar.
The transaction puts a value for the new Masdar joint ventures at around 7 billion dirhams (USD 1.9 billion) on a 100% equity basis, according to a press release.
The Emirati parties will acquire a 67 percent stake in total from Mubadala Investment Co., which owns Masdar, reducing its ownership to 33 percent following the deal.
Under the partnership, TAQA will hold the largest shareholding of 43 percent, while ADNOC will own the remaining 24 percent interest.
As part of the deal, TAQA will have the right to own at least a 40 percent share in Abu Dhabi’s renewable energy and green hydrogen projects going forward.
Founded in 2006 and fully owned by Mubadala, Masdar is a leading developer and operator of renewable projects in Abu Dhabi.
