- Masdar and Engie to collaborate in a $5bn renewable energy deal
- The deal will enhance energy transition in the United Arab Emirates
Abu Dhabi’s renewable energy company Masdar and French utility Engie have inked a deal to invest USD 5 billion (EUR 4.43bn) in the establishment of renewable energy and green hydrogen projects of over 2GW by 2030 in a push to enhance the energy transition in the United Arab Emirates (UAE).
The French company, on Friday, stated that the partnership would take advantage of collaboration and complementarities between Masdar’s expertise as a renewable’s developer and Engie’s progress in green hydrogen deployment to supply green hydrogen to UAE’s market. The deal was signed by the two companies in the presence of Abu Dhabi’s crown prince Mohammed bin Zayed Al Nahyan and French president Emmanuel Macron during his visit to the UAE and is one of a series of cooperation agreements between the two countries in various areas.
In the future, the partners aim to create a giga-scale green hydrogen hub to serve the countries in the Gulf Cooperation Council and export to other markets.