Abu Dhabi Future Energy Company PJSC (Masdar), the United Arab Emirates’ leading clean energy firm, has announced the signing of key agreements with three major Norwegian companies, further solidifying its decade-long partnerships with Norway in the renewable energy sector.
The agreements were unveiled during an official visit to Norway by Abu Dhabi’s Crown Prince HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan. As part of the visit, the UAE-Norway Investment Forum convened high-level delegations from both countries to discuss expanding bilateral investment opportunities, particularly in clean energy.
Deepening UAE-Norway Energy Ties
The UAE and Norway have a longstanding relationship, anchored in shared leadership values and a mutual commitment to advancing the energy transition. Masdar has a history of successful collaborations with Norwegian firms, particularly in offshore wind energy. Notably, Masdar partnered with Equinor, Norway’s energy giant, to develop Hywind Scotland, the world’s first floating offshore wind farm, which became operational in 2017.
Masdar’s newly signed Strategic Framework Agreement with Equinor aims to bolster existing collaborations on projects like Hywind while also exploring new opportunities for growth and strengthening the renewable energy supply chain.
Expanding Green Energy Collaborations
Masdar has also signed agreements with other Norwegian companies to further its green energy ambitions. An agreement with ICP Infrastructure, an infrastructure fund backed by the Aker Group, will explore joint investments in green energy infrastructure across Europe, particularly in the Nordics.
Additionally, Masdar has partnered with Aker Horizons Asset Development to explore opportunities in the “Power to Green Hydrogen” value chain, aiming to decarbonize hard-to-abate sectors. A third agreement with Yara focuses on collaborating along the “Power-to-Green Ammonia” value chain, with green hydrogen as a central element.
Leadership Commentary
Mohamed Jameel Al Ramahi, CEO of Masdar, highlighted the strong UAE-Norway bilateral relationship as a foundation for clean energy successes. “Masdar and our Norwegian partners share a legacy of driving the energy transition forward together. Today’s agreements build on that legacy and lay the groundwork for future collaboration,” he said.
Masdar’s Ambitious Energy Goals
Masdar has set a target of achieving a renewable energy portfolio capacity of 100GW by 2030, supporting the UAE’s commitment to tripling global renewables capacity by the end of the decade. Additionally, Masdar aims to be a global leader in green hydrogen production, with a goal of producing 1 million tonnes per annum of green hydrogen or equivalent derivatives by 2030, both within the UAE and globally.
These agreements mark a significant step in Masdar’s strategy to expand its leadership in clean energy, further aligning the UAE with global renewable energy and sustainability goals.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
