Abu Dhabi-based energy company Masdar has forged agreements with three prominent Norwegian partners to enhance bilateral investments in renewable energy and green hydrogen. The partnerships were formalized during the UAE-Norway Investment Forum held in Oslo this week.
The agreements involve Equinor, an energy company; ICP Infrastructure, an infrastructure fund manager; and Yara, a leading chemical manufacturer. Masdar’s CEO, Mohamed Jameel Al Ramahi, highlighted the significance of the partnerships, stating, “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.”
He emphasized that both nations have leveraged their abundant natural resources to spearhead clean energy initiatives. “Masdar and our Norwegian partners share a legacy of driving the energy transition forward together,” he added. “Today’s announcements build on that legacy.”
The strategic agreement with Equinor aims to strengthen existing collaborations on projects such as Hywind, a commercial floating wind farm located off the coast of Scotland. The partners will also explore additional projects to bolster the renewable energy supply chain.
The agreement with ICP Infrastructure will focus on identifying investment opportunities in green energy infrastructure across Europe. In tandem, Masdar has signed another agreement with Aker Horizons Asset Development to investigate prospects along the power-to-green-hydrogen value chain. Additionally, the partnership with Yara is set to develop the green hydrogen-to-ammonia value chain.
Masdar has set an ambitious goal to produce 1 million tonnes per annum of green hydrogen or equivalent derivatives in the UAE and internationally within the next decade.
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