Abu Dhabi Future Energy Company (Masdar) has signed agreements with Norwegian companies to explore clean energy opportunities with green hydrogen in focus.
Specifically, the UAE company inked a strategic framework agreement with Equinor to enhance collaboration between the companies on existing projects, while exploring new ventures and strengthening the supply chain for current and future initiatives.
Furthermore, it penned an agreement with ICP Infrastructure, an infrastructure fund manager backed by the Aker Group, to explore partnership and investment opportunities in green energy infrastructure in Europe, including potential collaborations in renewables in the Nordics.
Masdar also partnered with Aker Horizons Asset Development to explore joint development and investment opportunities along the ‘Power-to-Green Hydrogen’ value chain, targeting the decarbonization of hard-to-abate sectors.
Lastly, the company entered an agreement with Yara to explore collaboration and investment opportunities along the ‘Power-to-Green Ammonia’ value chain, with green hydrogen at its core.
Mohamed Jameel Al Ramahi, Masdar’s CEO, commented: “The success that Masdar and our Norwegian partners have enjoyed is a direct result of the strong bilateral relationship between the UAE and Norway, which is firmly rooted in a shared legacy. Our two nations have been blessed with an abundance of natural resources that we have both harnessed to pioneer clean energy.”
“Masdar and our Norwegian partners share a legacy of driving the energy transition forward together and pioneering clean energy projects. Today’s announcements build on that legacy and lay the foundations for our future collaboration.”
Masdar is aiming for a renewable energy portfolio capacity of 100 GW by 2030, supporting the target set in the UAE Consensus to triple global renewables capacity by the end of this decade, and aims to be a leading producer of green hydrogen by the same year. The company has set a target of 1 million tonnes per annum of green hydrogen or equivalent derivatives in the UAE and globally within a decade.