TAQA and ADNOC completed the acquisition of a 67% stake in Masdar from Mubadala for $1.3bn.

Abu Dhabi National Energy, a government controlled energy holding company, and Abu Dhabi National Oil Company, a state-owned oil company, completed the acquisition of a 67% stake in Abu Dhabi Future Energy, a provider of renewable energy solutions, from Mubadala, an investment firm, for $1.3bn. "This milestone is a clear testament of Mubadala’s commitment to realizing the UAE’s long-term sustainability ambitions. We established Masdar 16 years ago with the foresight to diversify the UAE’s energy mix and advance the global energy transition. Today’s signing with two of Abu Dhabi’s key energy players, ADNOC and TAQA, further cements Mubadala’s responsible investing strategy and is one step closer to delivering on the UAE’s sustainability aspirations. The new shareholding structure of Masdar solidifies the strategic partnership between Abu Dhabi’s powerhouses, consolidating the UAE’s pioneering position as a forward-looking global energy leader," Musabbeh Al Kaabi, Mubadala UAE Investments CEO.