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• Strategic Framework Agreement will position Masdar as potential investor and developer for co-investment opportunities alongside Hy24’s Clean Hydrogen Infrastructure Fund to enable large-scale green hydrogen production projects across Europe, the Americas, Asia Pacific and the Middle East and North Africa

• The agreement advances ambitious growth plans of UAE’s clean energy powerhouse, giving Masdar access to a pipeline of up to €2 billion in co-investment and co-development opportunities. Masdar, is targeting 1 million tons of green hydrogen production by 2030

• The agreement will broaden Hy24’s investment base and role as a springboard for hydrogen projects at scale

Abu Dhabi Future Energy Company PJSC - Masdar, one of the world’s leading renewable energy companies, and Hy24, the world’s largest clean hydrogen pure-play investor, signed a strategic joint development and investment framework agreement to foster large-scale green hydrogen projects during the UN’s Climate Change Conference, COP28, in Dubai.

Masdar and Hy24 agreed a framework to explore the development and investment in projects along the Power-to-X value chain, which involves producing renewable power converted via electrolyzers into green hydrogen and, subsequently, its derivatives such as green ammonia, e-methanol, sustainable aviation fuel and liquid hydrogen. The companies will focus on projects located in key regional hubs across Europe, the Americas, Asia Pacific and the Middle East and North Africa (MENA).

The Hy24-managed “Clean Hydrogen Infrastructure Fund” expects that co-investment and co-development opportunities will be made available to Masdar, which could represent up to €2 billion of investments in the next five years. Green hydrogen will play a key role in enabling faster and more widespread global adoption of renewable energy, helping the planet to meet net-zero goals.

The agreement reinforces Hy24's role as a catalyst in fostering the hydrogen economy and will leverage Masdar’s 20GW of renewable energy projects worldwide, enabling the two leaders to target exploration of larger transactions and project developments across broader geographies at scale and pace. The agreement will also open new investment opportunities for Hy24 in the Middle East and North Africa and benefit from Ardian’s long-standing partnerships established in the region under the leadership of François-Aïssa Touazi (Chairman Ardian Ltd, Abu Dhabi). Hy24 is a joint venture between Ardian, Europe’s largest private investment house, and FiveT Hydrogen, a clean hydrogen investment platform.

Mohamed Jameel Al Ramahi, CEO of Masdar, said:

Pierre-Etienne Franc, Co-founder and CEO of Hy24, said:

Established in 2006, Masdar has developed projects in over 40 countries, helping them to achieve their clean energy objectives and advance sustainable development. It has invested, or committed to invest, in worldwide projects with a combined value of more than US$30 billion with ambitious growth plans to reach 100GW and 1 million tons of green hydrogen by 2030.

Hy24 is committed to catalyzing the growth of a global hydrogen ecosystem by investing across the entire clean hydrogen value chain. Hy24’s first fund – the Clean Hydrogen Infrastructure Fund, or “Infra Fund” – is targeted at building out the hydrogen infrastructure market. The Infra Fund has raised 2 billion euros and already made seven investments. It has brought together more than fifty leading industrial and financial investors from Europe, Asia, and North America with the aim of mobilizing up to 20 billion euros of investment within the next five years. In May 2023, Hy24 co-organized with Ardian the first hydrogen business conference in MENA, in partnership with Abu Dhabi Global Market.

AD Ports Group (ADX: ADPORTS), a leading facilitator of global trade, logistics, and industry, and Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, have announced the signing of a Memorandum of Understanding (MoU) on the sidelines of the UN Climate Change Conference, COP28, in Dubai.

Under the terms of the MoU, AD Ports Group and Masdar will jointly explore the development of a green hydrogen production hub within the Khalifa Economic Zones Abu Dhabi (KEZAD) that will serve both domestic and export markets, part of the UAE’s National Hydrogen Strategy that aims to scale up local hydrogen production to 1.4 million tons per annum by 2031, and 15 million tons per annum by 2050.  In support of this strategy, Masdar is targeting an annual global green hydrogen production capacity of up to 1 million tons by 2030 and has signed and executed several global collaboration agreements to meet this goal.

Hydrogen could help to reduce global emissions by more than 20 percent by 2050 with demand rapidly increasing in recent years.

This hydrogen production hub could include export terminals of green products to overseas ports, which would attract more investments into the green hydrogen value chain in Abu Dhabi, as well as offer current and future KEZAD and Khalifa Port tenants the opportunity to develop green industries. 

Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, said:

Mohamed Jameel Al Ramahi CEO of Masdar, said:

Masdar, one of the world’s fastest growing clean energy companies, has signed a non-binding Heads of Terms (HoT) development agreement with OMV, the integrated company for energy, fuels & feedstock, chemicals and materials, to explore in partnership the production of green hydrogen for the decarbonization of industrial processes in OMV’s refineries.

The non-binding HoT forms the basis of a joint agreement to develop an industrial large scale electrolysis plant, which will be powered by renewable energy. The partners will collaborate to develop the project and plan to make a final investment decision in the second half of 2024.

The Heads of Terms development agreement was signed at the UN climate change conference, COP28, in Dubai and follows an initial Memorandum of Understanding (MoU) that was signed between the two parties in Abu Dhabi earlier this year.

said Mohammad Abdelqader El Ramahi, Masdar’s Chief Green Hydrogen Officer.

Masdar has been a pioneer in exploring hydrogen production since 2008 and is developing and investing in strategic projects and building scalable platforms in key markets around the world.

In line with national and international climate goals, OMV has set itself the goal of becoming climate neutral by 2050 in its strategy. A central pillar in achieving this goal is the use and production of green hydrogen via electrolysis from renewable electricity for use in its refineries.

Manama, Kingdom of Bahrain: Bahrain Mumtalakat Holding Company (“Mumtalakat”), the sovereign wealth fund of the Kingdom of Bahrain and Abu Dhabi Future Energy Company PJSC – Masdar, one of the world’s leading renewable energy companies, announced today the signing of a Memorandum of Understanding (MoU) aimed at exploring collaboration opportunities in the development of clean and renewable energy projects in the Kingdom of Bahrain.

Under the terms of this MoU, Mumtalakat and Masdar will collaborate to develop a pipeline of renewable energy projects, supply cost competitive green energy to Bahrain, build local capabilities and foster innovation in Bahrain by utilising their complementary expertise and know-how. In addition, they will explore co-investment opportunities in other markets of common interest.

Commenting on the announcement, His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer of Mumtalakat, said:

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

This MOU serves as a key milestone in the collaborative efforts of Mumtalakat and Masdar in promoting sustainable development for a greener future. This MoU has the potential to support the creation of high skilled job opportunities in Bahrain by training and enabling local talent to actively engage in the clean energy industry. This aligns with the afforestation plan of the Kingdom of Bahrain, which aims to double tree planting by 2035 and achieve "zero neutrality" in carbon emissions by 2060.

• Masdar, the UAE’s flagship renewable energy company, and VERBUND Green Hydrogen GmbH, part of VERBUND group, Austria's leading energy company, sign agreement at COP28 to explore feasibility of large-scale electrolysis in central Spain.

• Agreement creates a 50:50 partnership for a joint study to explore the development of green hydrogen, while consolidating Masdar’s and VERBUND's strong commitment in Spain and Europe

• Potential green hydrogen produced could be used to decarbonize hard-to-abate industries in Spain and central Europe to meet net-zero goals.

Abu Dhabi Future Energy Company PJSC – Masdar, one of the world’s leading renewable energy companies, and VERBUND Green Hydrogen GmbH have signed a deal to explore developing a green hydrogen plant in central Spain with a view to decarbonizing Europe’s hard-to-abate sectors.

As world leaders negotiate at the UN’s Climate Change Conference COP28 in the UAE, clean energy pioneers Masdar and VERBUND Green Hydrogen GmbH moved forward with plans to analyze the feasibility of building one of Europe’s largest green hydrogen production plants in central Spain.  Harnessing the abundant renewable resources of Castilla-La Mancha region, the prospective plant will aim to generate green hydrogen to cover industrial demand in Spain and central Europe. The study will evaluate if green hydrogen produced at the plant has the potential to displace up to 1 million tonnes of carbon emissions annually, equivalent of removing around 700,000 cars from the road every year.

The agreement was signed by Mohammad Abdelqader El Ramahi, Masdar’s Chief Green Hydrogen Officer and Hamead Ahrary, Managing Director of VERBUND Green Hydrogen GmbH during COP28 in Expo City Dubai. It cements an earlier pact, signed between the companies during Abu Dhabi Sustainability Week in January 2023, to explore green hydrogen opportunities to cover European demand.

Green hydrogen is produced using electricity from renewable sources whereby the water is separated into oxygen and hydrogen, via the process of electrolysis. It is intended that the explored plant will produce green hydrogen using renewable energy generated by solar power plants, potentially including Masdar’s planned gigawatt-scale solar plant in Castilla-La Mancha, and onshore wind farms. The project is expected to stimulate job creation and boost green industry in the sparsely populated area. 

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

There is huge growth potential for green hydrogen in Europe. Spain currently consumes around 500,000 tonnes of mainly traditional fuel derived ‘gray’ hydrogen per year, which could be gradually replaced with green hydrogen. By 2035, Austria alone is expected to require around 600,000 tonnes per year of clean hydrogen.

Michael Strugl, Chief Executive Officer of VERBUND, emphasized the innovation and technology leadership in the ramp-up of the hydrogen economy in Europe with this project:

Hamead Ahrary, Managing Director of VERBUND Green Hydrogen GmbH added:

The planned green hydrogen produced is expected to be used to decarbonize Spain or Europe’s hard-to-abate sectors, which could include steel production, fertilizers, chemicals, heavy transportation, and aviation. Currently, steelmaking alone is responsible for 5 percent of European carbon emissions. With most European Union nations pledging to become carbon neutral by 2050, green hydrogen presents a powerful vehicle for achieving that aim. 

Expected to be operational by the end of the decade, the planned green hydrogen plant will serve the industrial sector and has the potential to help decarbonize heavy transportation in Spain as well as in central Europe.

• Projects span Angola, Uganda, the Republic of Congo, Kenya, Mozambique and Zambia

• Marks advancement of Masdar 10 gigawatt (GW) growth plan to unlock Africa clean energy potential

Abu Dhabi Future Energy Company PJSC – Masdar advances 10GW growth plan across six Sub-Saharan nations, marking accelerated expansion for the UAE’s clean energy leader, in support of the clean energy transition across the continent.

The announcements were made during the United Nations Climate Change Summit (COP28) taking place in the UAE and will support the recently launched Africa Green Industrialization Initiative to scale up green industries in the region.

According to research launched last year by Masdar, Abu Dhabi Sustainability Week and McKinsey & Company, Africa has a theoretical potential clean energy capacity of 850 terawatts in solar and wind alone and could capture as much as 10% of the global green hydrogen market. These agreements support the development of clean energy portfolios across several markets in Africa, helping to unlock that potential and deliver improved levels of energy security to its population.

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

At COP28, Masdar announced partnership agreements with both governments and private entities in six African countries:

• Angola – Masdar and the Republic of Angola’s Ministry of Energy and Water signed a Concession Agreement for the first 150MWac solar PV project in Quipungo under Phase I of the 2GW renewable energy collaboration between the governments of the UAE and the Republic of Angola – the first renewable energy project under the strategic G2G collaboration between the two countries.

• Uganda – The Prime Minister of Uganda, Her Excellency Robinah Nabbanja, announced at COP28 that Masdar and Uganda’s Ministry of Energy and Mineral Development had signed a Roadmap Agreement for the implementation of a 150MW Solar PV project under Phase I of a 1GW collaboration between the two nations.

• The Republic of Congo – MW Energy, a Masdar subsidiary, Africa50 and the Ministry of Energy & Hydraulics of the Republic of Congo signed a Memorandum of Understanding (MoU) to develop 500MW of renewable energy capacity in the country.

• Kenya – During the Green Industrialization Initiative convened at COP28, Kenya President William Ruto announced that Geothermal Development Company of Kenya and Pertamina Geothermal Energy (PGE) of Indonesia, are to collaborate on geothermal energy development in Kenya - Masdar is proud to support the expansion of geothermal energy capacity in the East African nation through its investment in PGE.

• Mozambique – Infinity Power, a Masdar Infinity company, the largest pure-play renewable energy company in Africa, has announced the signing of a Memorandum of Understanding (MoU) with Mozambique's Ministry of Energy and Mineral Resources. This agreement aims to explore potential opportunities for up to 1GW of renewable projects in Mozambique. The projects initiated through this cooperation have the potential to provide Mozambique with enough energy to power 400,000 households and will offset 3.8 million tonnes of carbon emissions, over its 20-year life cycle. In parallel, Masdar and Infinity are exploring a collaboration with Africa50, through their JV Infinity Power, on floating solar photovoltaic (PV) projects in Mozambique.

• Zambia – Masdar, ZESCO and International Resource Holdings, an affiliate of International Holding Company, to collaborate in the Zambian market through the decarbonization of mining operations in the country. Masdar will look to supply green electricity from renewable energy projects to power IRH mines.

Masdar, one of the world’s fastest growing clean energy companies and the largest in Africa, has committed to deploying US$2 billion of equity by 2030 in Africa as part of the UAE-led Africa Green Investment finance Initiative, which was announced during the Africa Climate Summit by HE Dr Sultan Al Jaber, Chairman of Masdar and COP28 President. Masdar’s commitment aims to mobilize a total of US$10 billion in investments to deliver 10GW of clean energy capacity in Africa by 2030.

The first test flight to demonstrate the potential for converting Methanol to SAF (Sustainable Aviation Fuel) has taken place in Dubai on the sidelines of COP28 in the UAE. Masdar, TotalEnergies, the UAE General Civil Aviation Authority, Airbus, Falcon Aviation Services and technology licensor Axens all contributed to the successful flight.

The Alcohol-to-Jet Synthetic Paraffinic Kerosene pathway (ATJ-SPK) has been certified in 2016 as meeting international standards for jet fuel, however Methanol is not in the list of specified alcohols. The flight, which used a blend of aviation fuel made from olefins, will help support the certification of this new pathway for SAF production from methanol.

With the potential to be derived from renewable electricity, the new pathway could lead to eSAF, an essential lever to meet the challenge of producing SAF worldwide to decarbonize aviation.

Mohamed Jameel Al Ramahi, CEO of Masdar, said:

Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies, said:

Sustainable Aviation Fuel (SAF)

Sustainable aviation fuel is an immediately available solution for significantly reducing the CO2 emissions of air transportation. It can be used as a drop-in fuel without modifying existing storage and refueling infrastructure, aircraft or engines. Gradual incorporation worldwide should help significantly lower the CO2 emissions of air transportation since, on average, biojet fuel produces an average of 80 per cent fewer CO2 emissions over its lifecycle when produced from waste and residue. eSAF, synthetic fuel derived from renewable energy, is compatible with jet engines and offers a similar performance to fossil fuels.

• Joint Study Agreement signed with four companies – Masdar, Port of Amsterdam, SkyNRG and Zenith Energy Terminals – to assess the viability of a dedicated liquefied green hydrogen supply chain serving the industry cluster in Amsterdam.

• The new Agreement follows the Memorandum of Understanding signed earlier this year between Masdar and four Dutch companies.

Masdar, one of the world’s leading clean energy companies, Port of Amsterdam, SkyNRG and Zenith Energy Terminals have signed a Joint Study Agreement (JSA) to assess the feasibility of a dedicated liquefied green hydrogen supply chain for Masdar-produced hydrogen to the port of Amsterdam.

Hydrogen is an energy carrier and resource with many potential applications, particularly for the industrial and transportation sectors. Port of Amsterdam is developing an industry cluster around green hydrogen in its port. One of the potential end-use options includes the production of Sustainable Aviation Fuel. Under this JSA, the parties will join their efforts to study a liquefied green hydrogen supply chain, focusing on production by Masdar and export to the port of Amsterdam to provide hydrogen to regional industries, as well as the European hinterland.

Masdar has announced its goal of achieving 100 GW renewable energy capacity and green hydrogen production of 1 million tonnes per annum annually by 2030. Masdar is actively involved in a number of projects related to green hydrogen production.

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

As Europe’s fourth-largest port and as a gateway to the European market, the port of Amsterdam is one of the envisioned prime destinations for Masdar produced hydrogen. As the port’s operator, Port of Amsterdam is committed to scaling up green hydrogen capabilities and it works side by side with commercial parties active in its port on green hydrogen development.

Dorine Bosman, Chief Investment Officer at Port of Amsterdam, said:

Zenith Energy Terminals is the operator of one of the most prominent energy storage and distribution facilities in the port of Amsterdam. The company is developing an open access liquid hydrogen import facility in Amsterdam, focusing on providing hydrogen producers access to Dutch and European hydrogen markets. Its liquid hydrogen terminal facilitates the importation, storage, distribution and regasification of liquid hydrogen in Amsterdam.

With these combined capabilities, the partners to the JSA feature an end-to-end supply chain, with liquefied hydrogen presenting a concrete opportunity to ship green hydrogen from Masdar’s production facilities for offtake and subsequent conversion to e-SAF by SkyNRG in the port of Amsterdam.

The JSA was signed by Mohammad Abdelqader El-Ramahi, Executive Director of Green Hydrogen of Masdar; Dorine Bosman, Chief Investment Officer of Port of Amsterdam; Theye Veen, Chief Commercial Officer of SkyNRG and Ellen Ruhotas, Head of New Energy Projects for Zenith Energy Terminals. The agreement was signed in the presence of the Dutch Ambassador to the UAE, Mr. Gerard Steeghs.

• Masdar signs joint development agreement for 1GW wind project and battery energy storage system

• UAE clean energy pioneer announces separate (MOU) Memorandum Of Understanding for green hydrogen plant feasibility study in Jordan

• Hashemite Kingdom has potential to become global powerhouse in domestic and global green energy transition

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, has signed a joint development agreement with the Jordanian Ministry of Energy and Mineral Resources to develop a 1 gigawatt (GW) wind project with a battery energy storage system (BESS), and a memorandum to explore the feasibility of establishing a green hydrogen plant.

The agreements with the Ministry were signed at COP28 by Masdar Chief Executive Officer, Mohamed Jameel Al Ramahi and the Jordanian Minister of Energy and Mineral Resources, His Excellency Dr Saleh Al-Kharabsheh. The signing ceremony was witnessed by UAE Minister of Industry and Advanced Technology, COP28 President and Masdar Chairman, HE Dr Sultan Al Jaber and the Minister of the Environment for Jordan, H.E.Dr Muawieh Khalid Radaideh.

The study will examine the feasibility of establishing a green hydrogen project near The Port of Aqaba to produce the most cost-competitive hydrogen, utilizing desalinated seawater, and dedicated renewable power.

Masdar Chief Executive Officer, Mohamed Jameel Al Ramahi said:

HE Dr. Saleh Al-Kharabsheh, Minister of Energy and Mineral Resources in Jordan, said:

HE Dr. Saleh Al-Kharabsheh added that Jordan valued cooperation at the regional and national level, and that the partnership with Masdar – through the signing of these agreements – will advance the Ministry’s priorities and the Economic Modernization Vision (2023-2033) that was recently launched by the Jordanian government. This includes investment in green hydrogen production projects, which are part of Jordan’s initiatives to transition towards the use of clean energy as it aims to achieve net zero.

Masdar already has a presence in Jordan through its Baynouna Solar Energy Company (BSCE) joint venture with Finnish investment and asset management group Taaleri, which inaugurated the 200MW Baynouna Solar Park, the largest clean energy project in Jordan, in February of this year.

Masdar is pursuing a target of 1 million tonnes of green hydrogen production by 2030 as part of the UAE’s plans to establish itself as a green hydrogen hub and capture 25 per cent of the global low-carbon hydrogen market by 2030.

As the UAE’s clean energy powerhouse and one of the world’s fastest growing and leading investors in clean energy, Masdar is at the vanguard of advancing the development and deployment of renewable energy and green hydrogen technologies to address global sustainability challenges.

Established in 2006, Masdar has developed and partnered in projects in more than 40 countries across six continents. Its worldwide portfolio of investments, which are either operational, under construction or in exclusive development, have a combined value of more than US$30 billion.

• Trilateral strategic collaboration between DoE, ADIO and Masdar positions UAE as a global hydrogen leader

• Collaboration follows Abu Dhabi’s recently launched Low-Carbon Hydrogen Policy

• New economic sector aims to attract global investment and catalyze local infrastructure development

Abu Dhabi Department of Energy (DoE), the Abu Dhabi Investment Office (ADIO) and Abu Dhabi Future Energy Company PJSC – Masdar, have signed a trilateral agreement to accelerate the hydrogen economy in Abu Dhabi and position the UAE as a global leader for the production and export of low-carbon hydrogen.

The agreement was signed during COP28 in Dubai by HE Eng. Ahmed Mohamed Al Rumaithi, Undersecretary of the Abu Dhabi Department of Energy (DoE), Badr Al-Olama, Director General of ADIO, and Mohamed Jameel Al Ramahi, Masdar Chief Executive Officer.

This announcement follows Abu Dhabi’s recently launched Low-Carbon Hydrogen Policy, which creates a framework to accelerate production on a much larger scale. By connecting production centers, offtakers, and H2 storage across the UAE, the collaboration provides a landmark opportunity to deploy shared hydrogen infrastructure that generates economies of scale and creates a world-class production and export hub for clean hydrogen and its derivatives, enabling further decarbonization of hard-to-abate sectors.

It is expected that the strategic trilateral collaboration will expand the green hydrogen sector in Abu Dhabi by providing the market conditions to attract international investment and co-development, further diversifying the UAE economy and generating new knowledge-driven jobs and opportunities.

His Excellency Eng. Ahmed Mohamed Al Rumaithi, Undersecretary of the Abu Dhabi Department of Energy (DoE), said:

Badr Al-Olama, Director General of ADIO, commented:

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

The UAE’s National Hydrogen Strategy aims to scale up local hydrogen production to 1.4 million tonnes per annum by 2031, and 15 million tonnes per annum by 2050. This is seen as a crucial step towards meeting the country’s ambition of achieving net-zero emissions by 2050.

Masdar has been a pioneer in exploring hydrogen production since 2008 and is developing and investing in strategic projects across the hydrogen value chain. Of Masdar’s 1 million tonnes capacity, half will be produced in Abu Dhabi, with local demand projected at around 200,000 tonnes per year while the remaining volume will be exported.

Established in 2006, Masdar has developed projects in over 40 countries and has more than 20GW of renewable energy capacity including operational, under construction or advanced development projects in its worldwide portfolio. Masdar has invested, or committed to invest, in worldwide projects with a combined value of more than US$30 billion with ambitious growth plans to reach 100GW of renewable energy capacity by 2030.