ADNOC, TAQA to form JV eyeing 30 GW of renewables, green H2 by 2030

ADNOC and TAQA representatives at the signing ceremony for their JV agreement. Image source: ADNOC (www.adnoc.ae)

November 17 (Renewables Now) - Abu Dhabi National Oil Company (ADNOC) and multi-energy and water utility Abu Dhabi National Energy Company PJSC (TAQA) announced today that they have agreed to form a global joint venture (JV) with a view to developing green hydrogen projects and at least 30 GW of renewable energy capacity by 2030.

The JV will focus on domestic and international renewable energy and waste-to-energy projects, and green hydrogen production and storage, the partners said without defining the geographical spread of their endeavour.

The companies plan to capitalise on the strengths of each, combining ADNOC’s energy and hydrogen capabilities with TAQA’s expertise in renewables, they said. The JV also stands to benefit from cheap renewables in the UAE and the nation’s proximity to future hydrogen demand centres.

“This partnership between TAQA and ADNOC will be a powerful catalyst to unlock significant potential for accelerating the green hydrogen market and rapidly expanding renewable energy. TAQA is supporting Abu Dhabi’s aim to be a green hydrogen hub using our expertise in low-cost solar PV and desalinated water: two critical elements for green hydrogen,” Mohamed Hassan Alsuwaidi, Chairman of TAQA, said in the statement.

ADNOC and TAQA intend to enter into detailed JV arrangements and finalise necessary transaction requirements, including securing relevant third-party and regulatory approvals.

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