ENGIE and Masdar, one of the world’s fastest-growing renewable energy companies, announced today the signing of a strategic partnership deal to jointly establish a green hydrogen center in the United Arab Emirates.
The two businesses want to create facilities with a combined capacity of at least 2 GW by 2030, at a cost of approximately US$5 billion.
The agreement was signed by Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, ADNOC Managing Director and Group CEO, and Masdar Chairman, and Catherine MacGregor, ENGIE CEO, in the presence of Mohammed bin Zayed Al Nahyan, Abu Dhabi’s Crown Prince, and Emmanuel Macron, French President, during the latter’s visit to the UAE.
This collaboration intends to use the synergies and complementarities between Masdar’s position as an investor and developer of renewable energy projects and ENGIE’s leadership position in green hydrogen deployment in order to achieve an early mover position in the UAE’s hydrogen market. The companies will initially focus on domestic supply, with the goal of boosting capacity to build a gigawatt-scale green hydrogen center for the GCC, with the possibility to export to other markets.
Catherine MacGregor, ENGIE CEO, said : “We are very pleased to partner with Masdar to make a direct contribution to the UAE’s Net Zero 2050 strategic initiative. This strategic alliance illustrates ENGIE’s ambitious goals for the long-term development of renewable hydrogen, an essential tool for the energy transition.”
