Masdar Enters Agreements with Norwegian Partners to Explore Renewable and Green Hydrogen Opportunities

Masdar, the leading clean energy company in the United Arab Emirates, has strengthened its long-standing collaboration with Norway by signing agreements with three Norwegian firms. This announcement was made during an official visit to Norway by Abu Dhabi’s Crown Prince, HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan. The visit featured the UAE-Norway Investment Forum, which gathered a senior delegation of leaders to explore investment opportunities between the two countries. The relationship between the UAE and Norway is solid, underpinned by strong leadership and a mutual commitment to energy transition and sustainability.

Masdar has a rich history of successful partnerships with Norwegian companies in the clean energy sector, focusing particularly on renewable energy solutions and sustainable development. Over the past decade, Masdar has worked closely with Norwegian firms, especially in offshore wind projects. One notable collaboration with Equinor, a major Norwegian energy company, led to the establishment of Hywind Scotland—the world’s first offshore floating wind farm, which began operations in 2017. Recently, Masdar and Equinor announced a Strategic Framework Agreement aimed at enhancing cooperation on ongoing projects like Hywind, as well as exploring new opportunities and bolstering the supply chain for future initiatives.

In addition to this agreement, Masdar has partnered with ICP Infrastructure, an infrastructure fund manager backed by the Aker Group. This partnership will focus on identifying investment opportunities in green energy infrastructure across Europe, including potential collaborations in renewable energy projects in the Nordic region. Another significant agreement was signed with Aker Horizons Asset Development, which will explore joint development and investment opportunities within the 'Power to Green Hydrogen' value chain, specifically targeting the decarbonization of sectors that are traditionally hard to abate.

Masdar has signed an agreement with Yara to explore collaboration and investment opportunities throughout the 'Power-to-Green Ammonia' value chain, with a focus on green hydrogen. Mohamed Jameel Al Ramahi, CEO of Masdar, emphasized that the achievements of Masdar and its Norwegian partners are a testament to the strong bilateral relationship between the two nations, rooted in a shared legacy and abundant natural resources. He remarked, "Today’s announcements build on that legacy and lay the foundations for our future collaboration."

Looking ahead, Masdar aims to reach a renewable energy portfolio capacity of 100 GW by 2030, aligning with the UAE's goal to triple global renewable capacity by the end of the decade. The company aims to become a top producer of green hydrogen, targeting the production of 1 million tonnes per year of green hydrogen and its derivatives, both in the UAE and globally, over the next decade.