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• Deal represents largest ever energy transaction on Athens Stock Exchange, and one of largest in EU renewables Industry

• Masdar has signed a definitive agreement with GEK TERNA and other shareholders to acquire initially 67%¹ of the outstanding shares of TERNA ENERGY at completion of the transaction at a price of 20.00² euros per share³

• The acquisition price⁴ represents an equity valuation of 2.4 billion euros and an enterprise value (EV) of 3.2bn euros

• Subject to closing of the transaction, Masdar will launch an all-cash mandatory tender offer to acquire all the remaining shares of TERNA ENERGY with the intention of reaching 100%

• The deal will provide significant capital investment in Greece and other EU countries, unlocking renewable energy capacity and supporting the EU’s net zero by 2050 goals

• TERNA ENERGY is expected to play an important role in growing Masdar’s portfolio across Europe as it targets 100 gigawatts (GW) global capacity by 2030 in support of the global energy transition

   

ABU DHABI, UAE & ATHENS, Greece – June 20, 2024 – Abu Dhabi Future Energy Company PJSC – Masdar (“Masdar”), the UAE’s clean energy leader, announced today that it has reached a definitive agreement with GEK TERNA SA (GEKTERNA.AT) and other shareholders of TERNA ENERGY SA (TENERGY.AT), with the intention to acquire initially 67% of the company’s outstanding shares at completion of the transaction, subject to regulatory approvals and other conditions. After completion of the transaction, Masdar will launch an all-cash mandatory tender offer to acquire all the remaining outstanding shares of the company with the intention of reaching 100%.

The transaction and subsequent offer values TERNA ENERGY’s total equity at 2.4bn euros⁵ with an enterprise value of 3.2bn euros, making it the largest ever energy transaction on the Athens Stock Exchange, and one of the largest in the European renewables market.

The deal is expected to provide significant capital investment in Greece and other European countries, supporting TERNA ENERGY’s contribution to Greece’s National Energy and Climate Plan (NECP) and the EU’s net zero by 2050 target. The proposed acquisition demonstrates the scale and ambition of Masdar’s growth plans in the region, and further solidifies Masdar’s role as a trusted global energy transition partner to governments, investors, developers and communities across the globe.

Background and reasons for the transaction

Established in 1997, TERNA ENERGY is a leading European clean energy platform, with a track record of more than 25 years of delivering innovative and sustainable projects. The company specializes in financing, developing, constructing and operating renewable energy facilities, focused on wind, solar, hydroelectric and pumped storage projects.

The company has recently announced its growth plan targeting renewable energy operational capacity of 6GW by 2030. With a strong portfolio of projects in Greece and Europe, TERNA ENERGY is the largest investor in the renewables energy sector in Greece.

The proposed acquisition is expected to play an important role in growing Masdar’s portfolio in Europe as it targets 100GW global capacity by 2030. It also reflects Masdar’s confidence in TERNA ENERGY's growth potential, as well as the strength of the Greek market and its renewables sector.

The transaction is aligned with GEK TERNA’s strategy of becoming the leading diversified infrastructure group in Greece and Southeast Europe and will accelerate the Group's path to a new growth era.

Demonstrating continuity in leadership, TERNA ENERGY’s Executive Chairman, Georgios Peristeris, and Chief Executive Officer, Emmanuel Maragoudakis, will continue in their current roles following completion of the transaction and support Masdar in leading the company in its next phase of growth.

HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, said:

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, commented:

Georgios Peristeris, Chairman and CEO of GEK TERNA, and Executive Chairman of TERNA ENERGY, said:

Masdar has retained Rothschild & Co. as sole financial advisor, and Simmons & Simmons, Bernitsas Law, Latham & Watkins as legal advisors, in connection with the transaction and financing.

GEK TERNA Group was supported by Reed Smith LLP and Potamitis Vekris, who were the international and Greek legal advisors for the transaction respectively, while Morgan Stanley has been acting as sole financial advisor to TERNA ENERGY.

¹ Subject to regulatory approvals and other conditions precedent.

² Subject to customary adjustments.

³ Overall return to TERNA ENERGY shareholders also includes an agreed dividend distribution of €0.38 per share

⁴ Subject to customary adjustments

⁵ Ibid.

• President of Azerbaijan and COP28 President mark opening of Baku Energy Week with groundbreaking of wind and solar projects

• Three projects with 1GW capacity developed in partnership with SOCAR will accelerate Azerbaijan’s energy transition

• Projects part of Masdar’s 10GW pipeline supporting Azerbaijan’s ambitions to generate 30 percent of its energy capacity from renewable power by 2030

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse and SOCAR, the State Oil Company of Azerbaijan, have broken ground on three major solar and wind projects in Azerbaijan with a capacity of 1 gigawatt (GW).

The groundbreaking, which took place at the opening ceremony of Baku Energy Week, reinforces Masdar’s long-term commitment to Azerbaijan as a global strategic partner.

The ceremony was overseen by HE Ilham Aliyev, President of Azerbaijan, and HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President. Also in attendance were, HE Parviz Shahbazov, Azerbaijan Minister of Energy, HE Mikayil Jabbarov, Azerbaijan Minister of Economy and Chairman of the Supervisory Board of SOCAR and Masdar Chief Executive Officer, Mohamed Jameel Al Ramahi.

The three groundbreakings include the 445MW Bilasuvar Solar PV Project, 315MW Neftchala Solar PV Project and the 240MW Absheron-Garadagh Onshore Wind Project. Investment agreements for the projects were reached in October 2023, followed by the signing of Power Purchase Agreements, Transmission Connection Agreements, and Land Lease Agreements.

On the sidelines of Baku Energy Week, Masdar and SOCAR also signed a Shareholder Agreement for the three projects.

HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, said:

HE Parviz Shahbazov, Azerbaijan Minister of Energy said:

HE Mikayil Jabbarov, the Minister of Economy of the Republic of Azerbaijan, Chairman of the Supervisory Board of SOCAR said:

Masdar Chief Executive Officer Mohamed Jameel Al Ramahi said:

The groundbreaking follows Masdar’s completion of the 230MW Garadagh solar plant in October 2023, Azerbaijan’s first foreign investment-based independent solar power project, and the largest solar plant in the region.

Established in 2006, Masdar, the UAE’s clean energy champion, is aiming for a renewable energy portfolio capacity of 100GW by 2030, supporting the target set in The UAE Consensus to triple global renewables capacity by the end of this decade, whilst aiming to be a leading producer of green hydrogen by the same year.

• UAE Minister of Energy and Infrastructure, His Excellency Suhail Mohamed Al Mazrouei, witnesses signing on the sidelines of the World Water Forum, Bali, Indonesia

• Masdar signs agreement with Pertamina Power Indonesia to develop solar, wind and green hydrogen projects in Indonesia and internationally

• Signs Joint Development Study Agreement with PLN Nusantara Power for Cirata Phase II, and Masdar receives approval to develop up to 2GW of renewable energy in Indonesia’s new capital city, Nusantara

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, has signed strategic agreements for new renewable energy projects in Indonesia in support of the country’s energy transition. The agreements reinforce the ongoing partnership between the UAE and Indonesia towards developing the region’s renewables sector, while supporting Indonesia’s current and future energy needs.

The signing of the agreements on the sidelines of the 10th World Water Forum in Bali were witnessed by: the UAE Minister of Energy and Infrastructure and Special Envoy for His Highness the Minister of Foreign Affairs to Indonesia, HE Suhail Mohamed Al Mazrouei, UAE Ambassador to the Republic of Indonesia and ASEAN, HE Abdulla Salem Obaid Al Dhaheri, Indonesia’s Coordinating Minister of Maritime Affairs and Investment, HE General (Retd) Luhut Pandjaitan, Indonesia’s Ambassador for the UAE, HE Husin Bagis, and Director General of New, Renewable Energy, and Energy Conservation, Ministry of Energy and Mineral Resources (MEMR), Prof. Dr. Eng. Eniya Listiani Dewi.

The agreements were signed by Masdar’s Director of Development & Investment, Abdulla Zayed, the Chief Executive Officer Pertamina Power Indonesia (“Pertamina NRE”), John Anis, President Director of PLN Nusantara Power, Ruly Firmansyah, and Agung Wicaksono, Deputy Chair of Funding and Investment, Nusantara Capital City Authority.

His Excellency Suhail Mohamed Al Mazrouei said:

Mohamed Jameel Al Ramahi, Masdar’s Chief Executive Officer, commented:

The agreements included: a Memorandum of Understanding (MoU) with Pertamina Power Indonesia, for the development of solar, wind and green hydrogen projects in Indonesia and abroad. This builds on Masdar’s existing partnership with the company through Pertamina Geothermal Energy. The MoU represents a significant step forward in strengthening the strategic relationship between Masdar and Pertamina Power Indonesia.

Masdar also signed a Joint Development Study Agreement with PLN Nusantara Power for Cirata Phase II to triple capacity by up to 500MW, following the successful 2023 launch of the initial 145MW phase of the innovative floating PV project– the largest of its kind in the region.

Supporting the energy transition in urban environments, Masdar received approval to proceed towards developing up to 2GW of renewable energy in Nusantara, starting with 200 megawatts as phase 1, in Indonesia’s new capital city. This follows a proposal by Masdar to meet the city’s energy needs by 2045, using solar and wind projects.

John Anis, Pertamina NRE’s CEO, added:

Ruly Firmansyah, President Director of PLN Nusantara Power, said:

Bambang Susantono, Chairman of Nusantara Capital City Authority, commented:

Indonesia and Southeast Asia are key investment destinations for Masdar. The company has developed the region’s largest floating solar facility in Indonesia – the 145MW Cirata Floating Solar PV plant – which will generate enough electricity to power 50,000 homes. In February 2023, it entered the geothermal energy sector through a strategic investment in Pertamina Geothermal Energy.

Masdar is aiming for a renewable energy portfolio capacity of 100GW 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.

• Masdar, Infinity Power, and Hassan Allam Utilities sign a Land Access Agreement for 10GW mega wind project with the Egyptian Government

• Signing witnessed by Egyptian Prime Minister HE Moustafa Madbouly

• The project, set to be one of the largest in the world, will cut carbon emissions by 23.8 million tonnes a year – equivalent to 9 percent of Egypt's current carbon footprint

Abu Dhabi, UAE - May 15, 2024: Abu Dhabi Future Energy Company PJSC - Masdar, the UAE's clean energy powerhouse, along with Infinity Power, the largest African renewable energy developer, and Hassan Allam Utilities, a sustainable infrastructure focused development and investment platform, have today signed a Land Access Agreement with the Egyptian Government for the consortium's 10GW capacity onshore wind farm in Egypt, set to be one of the largest in the world, with a project value exceeding US$10 billion.

The agreement gives the Consortium access to a 3025 km2 area of land located in West Suhag, and will allow the consortium to conduct the necessary development studies to progress the project. This will include resource measurement campaigns, geotechnical and topographic surveys, in addition to the environmental studies to ensure minimal environmental impact.

These studies represent an important step forward in the project development, and the findings will be vital in progressing towards construction. Once under construction the wind farm will deliver significant benefits to local communities, including job creation with commitments to hire locally, community support initiatives, and the protection and support of the natural environment.

The landmark wind project will produce 47,790 GWh of clean energy per year and cut around 9 percent of Egypt’s annual carbon emissions by displacing 23.8 million tonnes of carbon dioxide annually. The wind farm will also help Egypt meet its strategic objective of sourcing 42 percent of its energy from renewables by 2030. The 10 GW wind farm will save the country an estimated US$5 billion in natural gas costs per year.

Witnessed by the Prime Minister of Egypt, HE Moustafa Madbouly and HE Dr. Mohamed Shaker, Minister of Electricity and Renewable Energy of Egypt, the agreement was signed by Mohamed Ismail Mansour, Chairman of Infinity Power, Karim Hefzy, Chief Operating Officer at Hassan Allam Utilities and Dr. Mohamed Asaad Taher, Senior Manager, Business Development and Investment at Masdar.

Masdar's CEO, Mohamed Jameel Al Ramahi, said: "Masdar, its joint venture Infinity Power, and our partner Hassan Allam Utilities, is supporting Egypt to deliver its ambitious renewable energy targets. I congratulate Egypt’s leadership on this major milestone for the country, with what is set to be one of the largest wind farms on the planet. At 10GW, this landmark project is pushing the limits of innovation and scale as we work to help unlock Africa's clean energy potential, and further advance its energy transition."

Amr Allam, Co-CEO of Hassan Allam Holding, commented: "In a significant move towards a more sustainable future for Egypt, the signing of the Land Access Agreement for the 10GW wind farm project alongside our esteemed partners, Infinity Power and Masdar, marks a pivotal moment. This initiative underscores our commitment to clean energy and environmental responsibility, and we are proud to be part of this transformative project that will have a positive impact on our nation's energy landscape and beyond."

Mohamed Ismail Mansour, Chairman, Infinity Power said, "We are excited to be moving to the next step of the development of our 10GW wind farm in Egypt and cannot wait to see it progress. Not only will this project deliver substantial benefits during construction and operation, creating jobs for local people and investing in their local communities, the impact of the energy uplift will be amazing to see. This source of clean, affordable energy will save Egypt money, reduce emissions and power industry across the country."

Nayer Fouad, CEO, Infinity Power added: "This wind farm is an ambitious and important project, set to be one of the largest in the world, and we’re delighted to be taking this step forward. It’s a hugely important project for Egypt and the wider region, and also highlights Infinity Power as a leading investment platform in renewable energy, able to deliver renewable projects on the largest scale. This project will also show that, by setting bold targets, countries can embrace and adopt renewable energy and transform their energy mix."

The initial project agreement to develop the 10 GW wind farm was signed between the Consortium and the Egyptian Electricity Transmission company and witnessed by the presidents of the UAE and Egypt on the sidelines of the UN climate change conference, COP27 in late 2022.

ENDS

About Masdar:
Masdar (Abu Dhabi Future Energy Company) is one of the world’s fastest-growing renewable energy companies. As a global clean energy pioneer, Masdar is advancing the development and deployment of solar, wind, geothermal, battery storage and green hydrogen technologies to accelerate the energy transition and help the world meet its net-zero ambitions. Established in 2006, Masdar has developed and invested in projects in over 40 countries with a combined capacity of over 20 gigawatts (GW), providing affordable clean energy access to those who need it most and helping to power a more sustainable future. Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is targeting a renewable energy portfolio capacity of 100GW by 2030 while aiming to be a leading producer of green hydrogen by the same year.

Contacts:
For media inquiries, please contact: press@masdar.ae For more information please visit: https://www.masdar.ae and connect: facebook.com/masdar.ae and twitter.com/masdar

About Infinity Power:
Infinity Power the largest African pure play renewable energy provider. The joint venture between Egypt’s Infinity and Masdar (Abu Dhabi Future Energy Company) targets power generation projects in Africa through renewable energy sources, namely solar and wind, as well as other technologies such as green hydrogen and water desalination. The company also develops complementary technologies such as battery storage and transmission grids. In this way, Infinity Power can provide answers to the challenges of energy supply and power insecurity across the African continent. The company aims to have 10GW of operational renewable energy projects by 2030.

Infinity Power brings together the strong track records of both Infinity and Masdar (Abu Dhabi Future Energy Company) in developing and operating renewable energy assets. It has a substantial operational portfolio across Egypt, South Africa and Senegal, including 1.3GW of solar power and onshore wind farms, which equates to a reduction of more than 3 million tons of CO2 emissions per year using conventional power generation. Infinity Power is committed to lighting up Africa and supporting the sustainable development of renewable energy across the continent, while creating opportunities for economic, educational and environmental benefits in local communities. For more information about Infinity Power and its portfolio of renewable energy projects, please visit: www.weareinfinitypower.com

About Hassan Allam Utilities:
Hassan Allam Utilities is the investment and development arm of Hassan Allam Holding. The company targets opportunities that address the clean energy market and growing demand for infrastructure services in Egypt and the region. Established in 2017, Hassan Allam Utilities has focused its investment and development efforts on sustainable infrastructure, primarily in renewable energy, water, logistics, mobility, and social infrastructure assets. For more information please visit: www.hassanallam.com and linkedin.com/company/ha-utilities/

Contacts:
For media inquiries, please contact: Hala Samy, phone:+20 1222181155 - E-Mail: Hala.Samy@hassanallam.com

• Masdar enters Bahrain market in strategic move with national energy leader, Bapco Energies

• Agreement will focus on exploring the joint development of near-shore and offshore wind projects

• Agreement supports the Kingdom of Bahrain’s National Energy Strategy target to cut emissions by 30 percent by 2035

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, has signed an agreement with Bapco Energies, the integrated energy company leading the energy transition in the Kingdom of Bahrain, to jointly explore the development and investment in wind projects in the Kingdom with a capacity of up to 2 gigawatts (GW).

Marking a strategic entry into the Bahrain market for the UAE’s clean energy champion, the agreement for near-shore and offshore wind farms is Masdar’s first in the Kingdom and will be the first project of its kind in the region and the Middle East. At up to 2GW, this clean energy collaboration will support the Kingdom of Bahrain to accelerate the decarbonization of critical industrial sectors and open avenues to develop new market sectors. The Kingdom of Bahrain aims to reduce emissions by 30 percent by 2035 and achieve net-zero emissions by 2060, as outlined in its National Energy Strategy.

Masdar Chief Executive Officer, Mohamed Jameel Al Ramahi, said:

Bapco Energies Group Chief Executive Officer, Mark Thomas said:

Masdar has developed a number of landmark wind projects across the world, including the 400MW Dumat Al Jandal wind farm, the largest in the Middle East and the first in Saudi Arabia, the 630MW London Array offshore wind project in the United Kingdom which powers half a million British homes and the 103.5MW UAE Wind Program, which utilizes innovative technology to capture low wind speeds at utility scale.

Masdar is aiming for a renewable energy portfolio capacity of 100GW by 2030, as well as supporting the target set out 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.

• · Emerge, a joint venture between Masdar and EDF Group, will provide a full turnkey solution for 25 years

The UAE Ministry of Defence and Abu Dhabi Future Energy Company PJSC – Masdar, have signed a Partnership Agreement to develop multi-solar plants across Abu Dhabi.

Emerge, a joint venture between the UAE’s Masdar and France’s EDF Group, will provide a full turnkey solution for the projects, including finance, design, procurement, construction, operations, and maintenance for 25 years.

The signing ceremony was witnessed by Major General Sheikh Ahmad Bin Tahnoon Bin Mohammad Al Nahyan, Deputy Chief of Staff of the UAE Armed Forces, His Excellency Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President and Masdar Chairman, Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, Luc Koechlin, CEO Middle East of EDF Group, and Michel Abi Saab, General Manager of Emerge.

The agreement was signed at Masdar City in Abu Dhabi by Brigadier General Saeed Al Ketbi, Commander of the Military Works Command from the UAE Ministry of Defence and Abdulaziz Alobaidli, Chief Operating Officer of Masdar and Chairman of Emerge.

HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, said: “At COP28 UAE, the world came together to agree the historic UAE Consensus and Action Agenda to deliver unprecedented climate action in this critical decade. The UAE will continue leading by example, and we are proud to be supporting the UAE Ministry of Defence in its Climate Change Strategy as the nation advances its Net Zero by 2050 strategic initiative.”

In December 2023, the Ministry of Defence launched the UAE Armed Forces' Climate Change Strategy on the sidelines of the COP28, the first of its kind in the region. It aims to strengthen the UAE Armed Forces' commitment to reduce carbon emissions and encourage active participation at all levels in the transition to sustainability.

Emerge, a joint venture between Masdar and EDF Group, was formed in 2021 to develop distributed solar, energy storage and hybrid solutions for commercial and industrial. As an energy services company, Emerge offers clients full turn-key solutions through solar power agreements and energy performance contracting at no up-front cost to the client.

DP World has signed a partnership agreement with Abu Dhabi Future Energy Company (Masdar), a global leader in clean energy, to explore and implement renewable energy systems across DP World's global port operations in the Middle East and Africa.

The agreement aims to facilitate the widespread adoption of renewable energy and battery energy storage systems (BESS) within DP World’s global supply chain. Over the course of the three-year partnership, DP World and Masdar will work together to identify optimal sites for the potential deployment of solar and energy storage systems, with an initial focus on Saudi Arabia, Senegal, and Egypt.

The partnership seeks to accelerate the deployment of renewable energy systems in DP World’s supply chain by sharing knowledge of the regulatory landscape and other challenges, particularly in emerging economies.

Sultan Ahmed bin Sulayem, DP World Chairman and CEO, said:

Mohamed Jameel Al Ramahi, Masdar Chief Executive Officer, added:

Masdar is the UAE’s clean energy champion and one of the world’s fastest growing renewable energy companies, advancing the development and deployment of renewable energy and green hydrogen technologies to address global sustainability challenges.

As a leading end-to-end supply chain solutions provider, DP World will continue to work alongside the COP28 Presidency to advocate for more urgent climate action. This includes leveraging DP World’s scale and influence across the 75 countries it operates in worldwide to bring together the broader industry to develop impactful long-term solutions that support the global climate agenda.

DP World work with key stakeholders – from logistics companies, NGOs, governments and cargo owners -- to showcase new technologies and solutions, and exchange ideas to mitigate and build resilience against climate change, driving the energy transition and promoting environmental stewardship while ensuring continued trade flow worldwide.

Decarbonisation is a core focus for DP World, and the business has already committed to becoming carbon neutral by 2040 and net zero carbon by 2050, aligned to the UNFCCC’s Race to Zero and UAE’s 2050 net zero initiative.

Find out more about DP World’s decarbonisation strategy here.

Dubai Electricity and Water Authority (DEWA) and Abu Dhabi Future Energy Company (Masdar), announced the financial closing of the 1800-megawatt sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world. The solar park’s capacity will exceed 5,000 megawatt by 2030, with investments totalling approximately AED 50 billion. This is a new milestone in promoting the use of clean and renewable energy in the UAE.

Abu Dhabi Future Energy Company (Masdar) was selected as the Preferred Bidder to build and operate the 1,800MW 6th phase of the Mohammed bin Rashid Al Maktoum Solar Park using photovoltaic solar panels based on the Independent Power Producer (IPP) model, with costs up to AED 5.5 billion. This phase will provide clean energy for approximately 540,000 residences and will reduce around 2.36 million tonnes of carbon emissions annually. The project will cover an area of 20 square kilometres. In addition, the 6th phase has achieved the lowest Levelized Cost Of Energy (LCOE) of US$1.6215 cents per kilowatt hour (kWh) in the Solar Park.

HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, noted that this achievement is in line with the directives of the wise leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE; and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai. This project also supports the goals of the UAE's Year of Sustainability 2024 to protect and preserve the environment for the benefit of future generations. The Mohammed bin Rashid Al Maktoum Solar Park supports the UAE’s position as a leading global hub for clean energy. It is aligned with the UAE Net Zero by 2050 strategic initiative, the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100% of Dubai’s total power capacity from clean energy sources by 2050.

said Al Tayer

For the 6th phase of the Solar Park, DEWA established Shuaa Energy 4 in partnership with Masdar. DEWA owns 60% of the company, whereas Masdar owns the remaining 40%.

Mohamed Jameel Al-Ramahi, Masdar CEO, said:

The lending group to the project includes Abu Dhabi Commercial Bank, Commercial Bank of Dubai, First Abu Dhabi Bank, HSBC, Standard Chartered Bank , Abu Dhabi Islamic Bank and Warba Bank.

PARIS, 19th February 2024 (WAM) -- Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, and Patrick Pouyanné, Chairman and CEO of TotalEnergies, co-chaired, on Monday in Paris, the second plenary meeting of the UAE-France High-Level Business Council, in the presence of Bruno Le Maire, French Minister of Economy, Finance, and Industrial and Digital Sovereignty.

Dr. Sultan Al Jaber conveyed the greetings of the UAE leadership to the French side and affirmed the leaderships’ keenness to enhance further the longstanding and strategic bilateral relations between the two countries.

said Dr. Al Jaber

Bruno Le Maire stressed the importance of business dialogue between key French and UAE players.

said the Minister.

he added.

stated Patrick Pouyanné, Chairman and CEO of TotalEnergies.

The meeting witnessed the signing of the MoU to establish the "UAE-France Bilateral Climate Investment Platform”, a pragmatic investment framework that will enable French and Emirati investors to accelerate the deployment of joint projects and investments of mutual interest in the clean energies sectors, with a particular focus on advancing the decarbonisation of Hard-to-Abate (HTA) Industries. T

The Platform includes French and Emirati Anchor Partners, ADNOC and Masdar from the Emirati side; TotalEnergies, Bpifrance, and CMA-CGM from the French side. The Platform is aimed to attract additional investment partners over time. The MoU was signed by Dr. Sultan Ahmed Al Jaber and Bruno Le Maire, French Minister of Economy, Finance, and Industrial and Digital Sovereignty.

In addition, TotalEnergies Renewables and Masdar signed an MoU for partnership in the development of Renewable Energy Projects in emerging markets. The MoU aims to explore potential collaborations and development of joint projects in the field of solar and wind energy in emerging markets of common interest in Central Asia and Africa, as part of the two countries’ efforts to develop joint projects and contribute to supporting global goals for reducing emissions and achieving climate neutrality and confirming their commitment to supporting efforts seeking to achieve a well-organised, responsible, fair, and realistic transition to a zero-carbon energy sector. The MoU was signed between Mohammed Jamil Al Ramahi, CEO of Masdar, and Patrick Pouyanné, CEO of TotalEnergies.

The Council reviewed the progress of the working groups during the past year and praised ongoing joint projects between Emirati and French companies in several strategic sectors, including energy and climate, transport and logistics, and financial investments.

The main partnerships highlighted during the meeting were:

1- The cooperation between TotalEnergies and Masdar to produce Sustainable Aviation Fuel (SAF) from methanol and the successful first demonstration flight on the sidelines of COP28 in the UAE.

2- The Airbus-Masdar wide-ranging collaboration to enable the development of the sustainable aviation fuel market.

3- The collaboration between ADNOC and Tabreed (Engie/ Mubadala JV) on delivering the first Geothermal Cooling Plant (G2COOL) project in the Gulf region, introducing geothermal energy into the UAE’s energy mix to decarbonise the cooling of buildings, covering 10 percent of Masdar City’s cooling needs.

4- The partnership between Masdar and CMA CGM on long-term supply of green alternative fuels linked to their shipping routes with a focus on e-Methanol, as well as Ammonia and Hydrogen.

5- Launch of the 'GO to UAE' initiative by Tawazun and Thales, with UAE Ministry of Industry and Advanced Technology support, to boost national Industrial capabilities.

6- The collaboration between Abu Dhabi Sustainable Water Solutions (SWS), SUEZ Group, and Marubeni focused on implementing key infrastructure projects worth $1.5 billion in the water supply and water treatment sector in Uzbekistan.

7- The CMA CGM and Abu Dhabi Ports on sustainable terminal operations focused on the operation of CMA Terminals Khalifa Port from 2025.

8- The partnership of Schneider Electric and e& enterprise to enhance operational efficiencies across Grid Network.

9- The strategic partnership between Masdar and Hy24 (Ardian JV) to co-invest and develop carbon-free hydrogen projects in various regions globally.

On COP28, Dr. Sultan Al Jaber praised France's efforts in advancing climate action and its support for COP28 and its endorsement of the COP28 Action Agenda initiatives. He commended France's pledge of €100 million to the “loss and damage” fund and €10 million to the “adaptation” fund. Dr. Al Jaber also commended France and French companies’ endorsement of the Global Decarbonisation Accelerator (GDA), which is designed to speed up the energy transition and drastically reduce global emissions, and its key pledges including the Global Renewables and Energy Efficiency Pledge to triple worldwide renewable energy capacity and double global energy by 2030, and the Global Cooling Pledge to reduce global cooling emissions by 2050.

Dr. Al Jaber also praised TotalEnergies’ climate action efforts and for being among the first to endorse the Oil and Gas Decarbonisation Charter (OGDC), where Oil and Gas companies worldwide agreed to aim for zero methane emissions, to end routine flaring by 2030, and to ambition net-zero operations by 2050.

In addition, Dr. Sultan praised their pledge to contribute $25 million to the Global Flaring and Methane Reduction (GFMR) trust fund, an initiative of the World Bank with COP28, as well as their partnerships with National Oil and Gas companies to detect and quantify methane emissions by making available their pioneering AUSEA technology.

Dr. Sultan affirmed the aspiration to continue cooperation to implement the “UAE Consensus” and deliver a new era of positive, tangible climate action.

The meeting concluded with the approval of the Council’s roadmap for 2024 and the Chairs’ call to the working groups to continue mobilising and accelerating new projects and initiatives that will support the delivery of the Council’s objectives.

Attending the meeting from the Emirati side were Omar Suwaina Al Suwaidi, Under-Secretary of MoIAT; Hend Al Otaiba, UAE Ambassador to the Republic of France; Majid Al Suwaidi, Director-General of COP28; Hana Al Rostamani, CEO of First Abu Dhabi Bank; Khaled Al Huraimel, Vice Chairman of the Board of Directors of Bee’ah; Mohamed Al Ramahi, CEO of Masdar; Shareef Al Hashmi, CEO of Operations at Tawazun Council; Meera Sultan Al Suwaidi, Head of Sovereign Partnerships of Mubadala; and Mohamed Kaissi, Executive Director of Strategic Projects at ADQ’s CEO and MD office.

The French side was represented by Frédéric SANCHEZ, President MEDEF International and Chairman of Fives Group; Guillaume FAURY, CEO of Airbus; Jean Lemierre, Chairman of BNP Baripas; Jean-Pierre Clamadieu, Chairman of Engie; Marie-Ange Debon, Chairwoman and CEO of Keolis; Slawomir Krupoa, CEO of Societe Generale; Geoffroy Bunetel, Chairman of CCI France-UAE2, and Nicolas Niemtchinow, French Ambassador to the UAE.

It is worth noting that the non-oil trade between the two countries increased by 12.5 percent during the first nine months of 2023 compared to the same period in 2022, reaching approximately AED 25.1 billion (€6.3 billion). In 2022, non-oil bilateral trade exceeded pre-pandemic levels, reaching about AED 30.4 billion, 20.5 percent higher than in 2021 and 53.4 percent over 2020.

Additionally, the UAE hosts the largest number of French companies operating in the Middle East, with about 600 companies employing more than 30,000 employees. Conversely, the UAE is France's second-largest investor in the GCC.

• The consortium, Air-CRAFT, is supported by the UAE Ministry of Energy and Infrastructure and UAE General Civil Aviation Authority, and comprises eight founding entities: ADNOC, Boeing, Emirates, ENOC Group, Etihad, Honeywell, Khalifa University, Masdar

In the UAE Year of Sustainability, and at the 3^rd ICAO Conference on Aviation and Alternative Fuels (CAAF/3) was held in Dubai, eight founding entities announced the launch of the “Air-CRAFT” initiative - a UAE based research consortium focused on developing, producing, and scaling sustainable aviation fuel (SAF) technologies.

Air-CRAFT, or the UAE Centre for Renewable and Advanced Fuel Technologies for Aviation, is a first-of-its-kind initiative that will bring together entities across the value chain – industrial policy makers, aviation regulators, fuel producers, academia and researchers, aircraft and powerplant manufacturers, and airline operators. While based in the UAE, the consortium will also engage with, and welcome the participation of relevant international entities as it progresses. The new initiative was announced on the sidelines of CAAF/3 today and ahead of COP28.

Air-CRAFT is supported by the UAE Ministry of Energy and Infrastructure.

said His Excellency Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure.

His Excellency Abdulla bin Touq Al Marri, Minister of Economy of the UAE and Chairman of the GCAA said:

The collaboration is in support of the UAE’s National SAF Roadmap principles and the commercial aviation industry’s goal of net zero emissions by 2050. At CAAF/3 today, senior representatives from the eight consortium entities signed a strategic collaboration agreement to kickstart the Air-CRAFT initiative.

Potential research topics at Air-CRAFT include environmental impact assessments, feedstock and process optimization, and techno-economic assessments. Air-CRAFT will also establish relevant links with other academic and research institutions in the UAE and internationally.

The U.S. government supports Air-CRAFT being linked to the intergovernmental US-UAE ‘Partnership to Accelerate Transition to Clean Energy’ (PACE) agreement.

The consortium’s industrial and institutional partners will provide market demand, expertise, and technology to support research into the production of alternative fuels for the aviation sector, and extends an open invitation to UAE and international entities to join the consortium. Air-CRAFT is already in advanced discussions with key and strategic global players to be announced in due course.

Hanan Balalaa, Senior Vice President, New Energies, ADNOC, said:

Brian Moran, vice president, Global Sustainability Policy and Partnerships at Boeing, said:

Sheikh Majid Al Mualla, Divisional Senior VP for International Affairs, Emirates Airline, said:

His Excellency Saif Humaid Al Falasi, Group CEO at ENOC, said:

Mohammad Al Bulooki, Chief Operating Officer, Etihad Airways, said:

Mohammed Mohaisen, President and CEO Middle East and North Africa, Honeywell, said:

Dr. Steven Griffiths, Senior Vice-President, Research and Development, and Professor of Practice, Khalifa University, said:

Mohammad Abdelqader El Ramahi, Chief Green Hydrogen Officer for Masdar, said:

More about the UAE’s decarbonisation efforts

The UAE is a global energy leader actively pursuing the decarbonization of its economy. It was the first country in the Gulf region to sign the Paris Agreement and the first country in the Middle East and North Africa to commit to reaching net zero emissions by 2050. It is also the host of COP28, and has declared 2023 as the Year of Sustainability in the country.

The biggest decarbonization lever available to the aviation industry is the adoption of SAF. For long-haul commercial flights in particular, no other technology platform is expected to significantly contribute to carbon neutrality goals in the next three decades at least, due to cost, technical or regulatory barriers.

Despite its critical role in decarbonization pathways for the aviation sector, SAF is supply-constrained and needs to be scaled rapidly.

The UAE Ministry of Energy and Infrastructure has published the National SAF Roadmap which has five principles to guide the industry in accelerating the decarbonization of the sector and transform it into a regional hub for alternative aviation fuels. The five principles are:

1. Establishing the Ambition: 700 million liters of SAF by 2030

2. Accelerating SAF Technology Deployment and Innovation

3. Developing the National Regulatory Environment for SAF

4. Building Local Capacity to Boost In-Country Value

5. Leading International Collaboration

The Center for Renewable and Advanced Fuel Technologies for Aviation (Air-CRAFT) will pursue the industrialization of SAF production and create an ecosystem to address the five principles of the National SAF Roadmap.