Abu Dhabi Future Energy Company (Masdar) has entered into agreements with Norwegian firms to explore clean energy opportunities, with a particular emphasis on green hydrogen.
The UAE company signed a strategic framework agreement with Equinor to strengthen collaboration on existing projects while seeking new ventures and enhancing the supply chain for both current and future initiatives.
Additionally, Masdar has partnered with ICP Infrastructure, an infrastructure fund manager associated with the Aker Group, to investigate partnership and investment prospects in green energy infrastructure across Europe, including potential renewable energy projects in the Nordic region.
Masdar also collaborated with Aker Horizons Asset Development to identify joint development and investment opportunities within the ‘Power-to-Green Hydrogen’ value chain, aiming to decarbonize hard-to-abate sectors.
Lastly, the company has formalized an agreement with Yara to explore collaborative and investment opportunities along the ‘Power-to-Green Ammonia’ value chain, centered on green hydrogen.
Mohamed Jameel Al Ramahi, CEO of Masdar, remarked, “The success we have achieved with our Norwegian partners is a testament to the strong bilateral relationship between the UAE and Norway, rooted in a shared legacy. Both nations are rich in natural resources, which we have leveraged to lead the way in clean energy.”
“Masdar and our Norwegian collaborators have a history of advancing the energy transition and pioneering clean energy initiatives. Today’s announcements build on that legacy and set the stage for future cooperation.”
Masdar aims for a renewable energy portfolio capacity of 100 GW by 2030, contributing to the UAE’s goal of tripling global renewable capacity by the decade’s end, and aspires to become a leading producer of green hydrogen by the same year. The company targets producing 1 million tonnes per annum of green hydrogen or equivalent derivatives, both in the UAE and globally, within the next ten years.
