RIYADH: Abu Dhabi"s energy giants have completed a transaction that will see them consolidate their renewable energy and green hydrogen efforts into a single global clean energy powerhouse under the Masdar brand. Abu Dhabi National Energy Co., known as TAQA; Mubadala Investment Co. and Abu Dhabi National Oil Co. have become shareholders in Abu Dhabi Future Energy Co. or Masdar – Abu Dhabi’s flagship clean energy company. TAQA will head up Masdar’s renewable business with a 43 percent shareholding, with Mubadala retaining 33 percent and ADNOC holding 24 percent, the companies announced in a filing to the Abu Dhabi Securities Exchange on Thursday. The deal comes in alignment with the UAE"s plans to invest 600 billion dirhams ($163 billion) by 2050 in renewable and clean energy capacity and achieve net-zero emissions in the next three decades. Sultan Al Jaber, the UAE’s Minister of Industry and Advanced Technology, CEO of ADNOC and chairman of Masdar said: “As the founding CEO of Masdar, I am excited to see Abu Dhabi’s energy leaders coming together to take Masdar to the next level. The Masdar clean energy powerhouse will unlock a new chapter of growth, development, and opportunity for renewable energy and green hydrogen projects, both in the UAE and worldwide.” In the filing, the companies said Masdar has an ambitious target of at least 100-gigawatt renewable energy capacity and the production of up to 1 million tons of green hydrogen by 2030, with aspirations to grow its renewable energy portfolio to more than 200GW. The filing said as part of the deal, TAQA, which paid $1.02 billion in cash for its stake, will offer to contribute its ownership interests in future Abu Dhabi renewable power projects to Masdar. Mohamed Hassan Alsuwaidi, chairman of TAQA said: Over the next decade, Masdar will rapidly expand its renewable energy and green hydrogen investments to accelerate decarbonization.” Last year, he said TAQA committed to a renewable energy share of 30 percent of its total power generation capacity by 2030. “Our stake in Masdar is a key part of delivering on this target, while supporting the UAE’s ambition to cut greenhouse gas emissions and be a driving force in the global energy transition." Masdar City, Abu Dhabi’s primary sustainable urban development, will continue to remain under Mubadala’s ownership as the sole shareholder. Masdar was established by Mubadala in 2006 to lead the UAE"s role in the global energy sector and drive the country"s climate action agenda. It is active in over 40 countries and has developed and invested in global projects with a combined value of $20 billion.