Masdar inks deals with Norwegian partners to boost green investment

Abu Dhabi-headquartered energy company Masdar has signed agreements with three Norwegian partners to foster bilateral investment opportunities in renewable energy and green hydrogen.

The agreements were signed with Equinor, infrastructure fund manager ICP Infrastructure, and chemical company Yara at the UAE-Norway Investment Forum in Olso this week.

Masdar CEO, Mohamed Jameel Al Ramahi, commented in a statement: "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."

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The strategic framework agreement with Equinor to enhance existing collaboration between the companies on projects such as Hywind, a commercial floating wind project off the Scottish coast. The partners will also look at additional projects that could support the development of the supply chain.

The agreement signed with ICP Infrastructure will focus on developing investment opportunities in green energy infrastructure in Europe. This is coupled with a second agreement signed with Aker Horizons Asset Development to explore opportunities along the power-to-green-hydrogen value chain.

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The agreement with Yara will aim to develop the green hydrogen-to-ammonia value chain.

Masdar has set a target of producing 1 million tonnes per annum of green hydrogen or equivalent derivatives in the UAE and globally within a decade.