Masdar has announced it will explore renewable and green hydrogen opportunities with Norwegian energy developers.
The Abu Dhabi Future Energy Company secured agreements with Equinor, an ICP infrastructure firm backed by Aker Group to explore investment opportunities, a second agreement with Aker Horizons Asset Development, and Yara.
Under a Strategic Framework Agreement with Equinor, the two companies want to “enhance collaboration” on existing projects such as Hywind and explore further opportunities.
The deal with Aker Horizons could see them jointly develop and invest in prospects along the power-to-green hydrogen value chain, with the hard-to-abate sectors as the target. With Yara, they will “explore collaboration and investment opportunities along the power-to-green ammonia value chain, with green hydrogen at its core.”
Mohamed Jameel Al Ramahi, Masdar CEO, explained, “The success that Masdar and our Norwegian partners have enjoyed as a direct result of the strong bilateral relationship between the UAE and Norway, which is firmly rooted in a shared legacy.”
“Our two nations have been blessed with an abundance of natural resources that we have both harnessed to pioneer clean energy,” the CEO added.
Masdar aims to have a renewable energy portfolio capacity of 100GW by 2030 and has set the target of one million tonnes per year of green hydrogen or its derivatives in the UAE and globally within the next 10 years.
In August, the UAE-based company revealed it would develop a green hydrogen project in Abu Dhabi with TotalEnergies, with sustainable aviation fuel (SAF) as the end product.
Read more: TotalEnergies and Masdar to explore green SAF project in the UAE
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