2023-12-14 21:14:30
Dubai (Etihad)
The Abu Dhabi Future Energy Company, Masdar, announced the signing of a strategic agreement that sets a framework for developing and investing in joint projects with HY24, the largest investor in the field of clean hydrogen in the world, with the aim of disseminating green hydrogen solutions on a large scale. The agreement was signed. During the COP28 Conference of the Parties held in Dubai.
The two companies agreed to establish a framework to explore development and investment opportunities in projects that include various stages of the value chain for hydrogen production, which includes the production of renewable energy converted through electrolyzers into green hydrogen, and thus its derivatives such as green ammonia, e-methanol, sustainable aviation fuel, and liquefied hydrogen.
Both parties are focusing on developing projects located in key regional centers across Europe, the Americas, Asia Pacific, the Middle East and North Africa.
Joint investment
Under the agreement, the “Clean Hydrogen Infrastructure Fund” managed by HY24 is expected to provide joint investment and development opportunities for Masdar, which might reach a value of up to 2 billion euros over the next five years.
Hydrogen will play a fundamental role in accelerating the pace of deployment of renewable energy solutions and enhancing reliance on them, which contributes to supporting efforts aimed at achieving global climate neutrality goals.
This agreement contributes to strengthening the role of HY24 as a supporter of the growth of the hydrogen economy, and Masdar’s portfolio of renewable energy projects with a capacity of 20 gigawatts, spread around the world, will constitute an additional factor that supports this partnership and allows the two parties to target and explore larger deals and develop projects in broader geographical areas. And at a faster pace.
The agreement also opens the door to new investment opportunities for HY24 in the Middle East and North Africa, especially benefiting from the strong partnerships established by Ardian in the region under the leadership of François Aissa Toisy, Chairman of the Board of Directors of the company in Abu Dhabi, where HY24 is considered the Y24 is a joint project between Adrian, the largest private investment company in Europe, and Five Tea Hydrogen, the platform specialized in investing in clean hydrogen.
unifying efforts
Mohammed Jameel Al Ramahi, CEO of Masdar, said: During the COP28 conference, we witnessed the urgent need to unify the efforts of various partners around the world in order to work and achieve, and Masdar was able, during its 17-year journey, to achieve qualitative achievements in the clean energy sector. There is no doubt that this cooperation with HY24, which is the largest company investing in clean hydrogen in the world, will allow us to harness our expertise and resources in order to benefit from the great capabilities provided by green hydrogen and accelerate the transformation of the energy sector globally for a greener future. Sustainability.
Investment prospects
For his part, Pierre-Etienne Franck, co-founder and CEO of HY24, said: Hydrogen is considered one of the most promising tools that support the transformation process in the energy sector, which was emphasized during the (COP28) conference, and this partnership aims to open horizons Investing in some of the largest strategic green hydrogen projects in the world, as it reflects the potential of both France and the UAE to develop large-scale projects that contribute to reducing emissions, and we need to allocate more funding by institutions, investors and sovereign wealth funds to support climate action, There is no doubt that Masdar is a pioneer in this field and is paving the way towards more investments.”
It is noteworthy that Masdar Company was founded in 2006 and has projects in more than 40 countries around the world with a production capacity exceeding 20 gigawatts. It has also invested or is committed to investing in projects around the world with a total value exceeding $30 billion, with aspirations to enhance its production capacity to reach 100. gigawatts and produce one million tons of green hydrogen annually by 2030.
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