Abu Dhabi Future Energy Company PJSC – Masdar, the United Arab Emirates’ clean energy powerhouse, has signed agreements with three Norwegian companies that reinforce its longstanding collaborations with the Nordic country.
The announcement of the agreements occurred during an official visit to Norway by Abu Dhabi’s Crown Prince HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan. During the visit, the UAE-Norway Investment Forum brought together a senior delegation of leaders to discuss bilateral investment opportunities between the two nations.
The UAE and Norway have a robust bilateral relationship, fostered by strong leadership and anchored in a shared legacy and commitment to the energy transition. Masdar has a long history of successful partnerships with Norwegian companies in advancing clean energy solutions and sustainable development.
Masdar’s partnership with Norwegian companies in renewable energy projects stretches back for over a decade, particularly in offshore wind. In collaboration with Norwegian energy giant, Equinor, Masdar developed Hywind Scotland, the world’s first offshore floating wind farm, which became operational in 2017.
The announcement of a Strategic Framework Agreement with Equinor aims to enhance collaboration between the companies on existing projects such as Hywind, while exploring new ventures and strengthening the supply chain for current and future initiatives.
In addition, Masdar has signed an agreement with ICP Infrastructure, an infrastructure fund manager backed by the Aker Group, to explore partnership and investment opportunities in green energinfrastructure in Europe, including potential collaborations in renewables in the Nordics. A second agreement, signed with Aker Horizons Asset Development, will explore joint development and investment opportunities along the ‘Power to Green Hydrogen’ value chain, targeting the decarbonization of hard-to-abate sectors. The company also signed an agreement with Yara to explore collaboration and investment opportunities along the ‘Power-to-Green Ammonia’ value chain, with green hydrogen at its core.
Masdar Chief Executive Officer (CEO) Mohamed Jameel Al Ramahi said, “The success that Masdar and our Norwegian partners have enjoyed is a direct result of the strong bilateral relationship between the UAE and Norway, which is firmly rooted in a shared legacy. Our two nations have been blessed with an abundance of natural resources that we have both harnessed to pioneer clean energy. Masdar and our Norwegian partners share a legacy of driving the energy transition forward together and pioneering clean energy projects. Today’s announcements build on that legacy and lay the foundations for our future collaboration.”
Masdar is aiming for a renewable energy portfolio capacity of 100GW by 2030, supporting the target set in the UAE Consensus to triple global renewables capacity by the end of this decade, and aims to be a leading producer of green hydrogen by the same year. It has set a target of 1 million tonnes per annum of green hydrogen or equivalent derivatives in the UAE and globally within a decade.
