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• Masdar City formalized the agreement with Masdar during Abu Dhabi Sustainability Week

• The Link is a key component of Masdar City’s ‘green-print’ for sustainable urban development, and its components comply with comprehensive sustainability criteria

• The development incorporates innovative design features to minimize its environmental footprint, and is being constructed to LEED Platinum, WELL Gold, 4 Pearl PBRS Estidama and LEED SmartPark Silver standards

Masdar City, a leading hub for innovation and sustainability in Abu Dhabi, is proud to announce that Masdar (Abu Dhabi Future Energy Company), the UAE’s clean energy leader, will establish its new global headquarters at The Link, an innovative, 30,000-square-meter development that seamlessly integrates living and working spaces with advanced technological infrastructure. The agreement underscores the continued synergy between the two entities and reinforces Masdar City's position as a leading hub for sustainable business and innovation.

The announcement was formalized through an agreement signed during the Abu Dhabi Sustainability Week (ADSW), which brings together global leaders in Abu Dhabi to accelerate sustainable development and advance socioeconomic progress.

The Link is a key component of Masdar City’s ‘green-print’ for sustainable urban development, and its components comply with comprehensive sustainability criteria. Scheduled for completion in 2025, the mixed-use development comprises five commercial and residential buildings including the first net-zero energy shared working and living facilities under one roof in the Middle East and North Africa region.

Mohamed Al Breiki, Executive Director Sustainable Development of Masdar City, said:

Tareq Al Qubali, Executive Director, People and Corporate Services of Masdar, said:

Designed as a central node connecting various modes of transport and all areas of Masdar City, The Link fosters a unique community by integrating offices, residential areas, co-working spaces, a visitor center, and a multi-use hall to create a diverse and active community for all demographics. The development incorporates innovative design features to minimize its environmental footprint, and is being constructed to LEED Platinum, WELL Gold, 4 Pearl PBRS Estidama and LEED SmartPark Silver standards.

• 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.

• 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.

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.

• 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.

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.

Today (5^th December) at COP28 in Dubai, global green energy giants Iberdrola and Masdar announced a €15 billion strategic partnership agreement to evaluate the joint development of offshore wind and green hydrogen projects in key markets including Germany, UK and the USA.

After the parties’ successful co-investment in Baltic Eagle, in Germany, the new milestone of this alliance will be to achieve a further co-investment in relation to the 1,400-megawatt (MW) UK East Anglia 3 offshore wind project. This deal has been under negotiation for the last few months and could be signed by the end of Q1 2024. Masdar’s stake in this wind farm could be 49%.

East Anglia 3 is currently in construction, with full commissioning scheduled for Q4 2026. The windfarm secured a 15-year CPI-linked Contract for Difference (CfD) from the UK Government in July 2022. The project will power over 1.3 million British homes and create 2,300 jobs.

Beyond the East Anglia 3 transaction, both companies will work together to jointly invest in future offshore wind and green hydrogen projects in Europe and other markets. Work to identify other opportunities is already underway, and it is anticipated that the total value of joint investments in offshore wind and green hydrogen as part of the alliance could reach €15 billion. The plans, announced at the UN’s climate change conference COP28 in the UAE, demonstrate both companies’ firm commitment to accelerating the global energy transition.

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

Iberdrola’s Executive Chairman, Ignacio Galán, said:

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

IBERDROLA, A LEADER IN CLEAN ENERGY

Iberdrola is the largest utility in Europe and one of the two largest globally, serving a population of more than 100 million people around the world. The company has €150 billion of total assets, 41 GW of renewables in operation and 1.2 million kilometres of networks globally.

Iberdrola has offshore wind projects worth more than 10 billion euros under construction globally, all fully financed and with supply chain secured, and all being delivered on-schedule.

Turbine installation is already underway at the 800 MW Vineyard Wind 1 project in the US – the first commercial scale offshore windfarm in the country – with first power generation anticipated in the near future.

In July this year, Iberdrola connected the Saint-Brieuc offshore wind farm in France to the electricity grid. It is the first large-scale offshore wind project to be delivered in the Brittany region.

Additionally, the Baltic Eagle wind farm in Germany is also in construction, which will be operational in 2024, with East Anglia 3 in the UK and Windanker in Germany also scheduled to begin production in 2026.

These projects will add to Iberdrola’s current 1,258 MW of operational offshore wind projects, including West of Duddon Sands in the Irish Sea, Wikinger in the German Baltic Sea, and East Anglia ONE in the southern North Sea, in which the company invested close to 4 billion euros.

MASDAR, THE UAE’S CLEAN ENERGY POWERHOUSE

As the UAE’s clean energy champion and one of the world’s fastest growing renewable energy companies, Masdar has been 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 over 40 countries, helping them to achieve their clean energy objectives and advance sustainable development.

Masdar has been investing in clean energy projects in the UK and Europe since 2013, including making significant investments in the battery energy storage sector – key to overcoming intermittency issues. Last year, Masdar acquired London-based Arlington Energy, the battery energy storage system developer which has taken over 170MW of assets into operations. Off the coast of Scotland, Masdar has developed the world’s first floating offshore wind farm, the 30MW Hywind project. A decade ago, Masdar and its partners launched the 630MW London Array offshore wind farm, the world’s largest at the time. Masdar’s Global Offshore Wind Division is based in London and the company is pursuing a strategy of joining large-scale projects in the early stages to further strengthen its expertise as an offshore wind developer.

Masdar is jointly owned by Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company (Mubadala), and Abu Dhabi National Energy Company (TAQA), and under this ownership the company is targeting a renewable energy portfolio capacity of at least 100 gigawatts (GW) by 2030 and an annual green hydrogen production capacity of up to 1 million tonnes by the same year.

Future agreements could involve participation from Iberdrola subsidiary companies