Masdar and Hy24 have inked a strategic joint development and investment framework agreement. The signing took place during the UN’s Climate Change Conference, COP28, held in Dubai, signaling a commitment to fostering large-scale green hydrogen projects across key global regions.
The framework agreement outlines a collaborative exploration of projects along the Power-to-X value chain. This entails the production of renewable power transformed through electrolyzers into green hydrogen and its derivatives, including green ammonia, e-methanol, sustainable aviation fuel, and liquid hydrogen. The strategic focus encompasses key regional hubs in Europe, the Americas, Asia Pacific, and the Middle East and North Africa (MENA).
Under the management of Hy24, the “Clean Hydrogen Infrastructure Fund” anticipates presenting co-investment and co-development opportunities to Masdar, potentially amounting to €2 billion in investments over the next five years. This collaboration holds significance in propelling the global adoption of renewable energy, aligning with the imperative to achieve net-zero goals.
Masdar, with its extensive portfolio of 20GW in renewable energy projects worldwide, and Hy24, as a key player in the clean hydrogen investment landscape, aim to expedite transactions and project developments on a large scale and rapid pace. The partnership also positions Hy24 to explore new investment prospects in the Middle East and North Africa, leveraging Ardian’s established partnerships in the region.
The collaboration between Masdar and Hy24 stands as a testament to the transformative potential of green hydrogen in steering the energy transition towards a sustainable and decarbonized future.