During the UN Climate Change Conference, COP28, held in Dubai, Masdar, a renowned renewable energy leader, and Hy24, a major clean hydrogen investor, sealed a significant joint development and investment framework agreement. This collaboration aims to propel the establishment of large-scale green hydrogen projects on an international scale.
Under this strategic framework, Masdar and Hy24 will explore development and investment prospects within the Power-to-X value chain. This involves the conversion of renewable power through electrolysis into green hydrogen, subsequently branching into derivatives like green ammonia, e-methanol, sustainable aviation fuel, and liquid hydrogen. The strategic focus will span key regional hubs across Europe, the Americas, Asia Pacific, and the Middle East and North Africa (MENA).
The “Clean Hydrogen Infrastructure Fund,” managed by Hy24, anticipates extending co-development and co-investment opportunities to Masdar, potentially amounting to €2 billion within the next five years. Green hydrogen holds a pivotal role in expediting global adoption of renewable energy, essential for achieving net-zero targets.
This agreement not only solidifies Hy24’s role in fostering the hydrogen economy but also leverages Masdar’s extensive 20GW renewable energy portfolio worldwide. The collaboration positions these industry leaders to explore larger transactions and project developments across diverse geographies at an accelerated pace. Additionally, it opens new investment gateways for Hy24 in the MENA region, capitalizing on Ardian’s established partnerships, led by François-Aïssa Touazi, Chairman of Ardian Ltd, Abu Dhabi. Hy24 stands as 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, highlighted the urgency for global stakeholders to unify efforts at COP28. He emphasized Masdar’s historical commitment to driving the clean energy transition worldwide and expressed eagerness for the collaboration with Hy24 to maximize green hydrogen’s potential in accelerating this transition.
Pierre-Etienne Franc, Co-founder and CEO of Hy24, echoed the significance of hydrogen in the energy transition, underscoring the joint agreement’s aim to channel investments into substantial green hydrogen projects worldwide. He emphasized the potential collaboration between France and the UAE in developing large-scale decarbonization projects in this sector.
Masdar, established in 2006, has actively contributed to clean energy objectives across 40 countries, with commitments exceeding US$30 billion in global projects. Hy24, committed to catalyzing the global hydrogen ecosystem, operates through its “Clean Hydrogen Infrastructure Fund,” targeting significant investments in hydrogen infrastructure. The fund, already securing 2 billion euros and making seven investments, envisions mobilizing up to 20 billion euros within the next five years. The joint efforts of Masdar and Hy24 signify a pivotal step toward accelerating green hydrogen initiatives on a global scale.
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