BP, ADNOC and Masdar team up in multi-billion dollar investment deal for clean and low carbon energy

Facebook
Twitter
LinkedIn
Reddit
Email
Clean energy company Masdar will team up with BP and ADNOC to develop low carbon hydrogen hubs. Image: Masdar.

BP, Abu Dhabi National Oil Company (ADNOC) and Masdar have partnered up to develop low carbon hydrogen hubs and create decarbonised air travel corridors between the UK and UAE in a deal that will see “billions” of dollars of investment.

Announced yesterday (16 September), the partnership is formed of three agreements. The first agreement will see the companies team up to initially develop 2GW of low carbon hydrogen across hubs in the UK and UAE, with the intention to expand as the project progresses.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The UK government has a target of 5GW of hydrogen production by 2030 and the agreement has received the backing of the UK Prime Minister Boris Johnson. He said the deal was “a fantastic investment in the industries of the future” and that the UK’s Global Investment Summit later this year will “attract more exciting investment like this to the UK”.

This first agreement also covers decarbonised air corridors between the UK and UAE, one of the world’s busiest travel routes.

The second agreement will see BP and clean energy company Masdar explore opportunities to develop, build and operate sustainable energy and mobility solutions for cities in the UK and the UAE. These will initially focus on the application of energy efficiency and storage, cleaner fuels and distributed renewables generation.  

In the third and final agreement, BP and ADNOC plan to explore the potential to decarbonise oil and gas operations in Abu Dhabi through Carbon Capture Use and Storage (CCUS) hubs.

The areas of collaboration align with both the UK government’s 10-point plan for a green industrial revolution and the UAE Government’s ‘Principles of the 50’, BP said in a media statement.

This week, BP poached RWE’s head of renewables to replace its departing executive vice president of its gas and low carbon energy division.

Read Next

May 21, 2024
The World Bank and Masdar have announced a US$159 million financing package to support a 250MW solar-plus-storage project in Uzbekistan.
April 29, 2024
EWEC has awarded development rights for the 1.5GW Al Ajban solar project to French firm EDF Renewables and the Korean Western Power Company.
April 25, 2024
Azerbaijan has announced its first solar auction, for a 100MW project in the eastern municipality of Gobustan.
April 18, 2024
Abu Dhabi’s Emirates Water and Electricity Company (EWEC) has issued a request for proposals (RFPs) for a 1.5GW solar PV plant in Abu Dhabi.
April 18, 2024
The Bank of China has supplied ACWA Power with a US$80 million equity bridge loan for the latter’s Tashkent solar-plus-storage portfolio.
March 21, 2024
UAE state-owned renewable energy developer Masdar has acquired a 50% stake in US IPP Terra-Gen from Energy Capital Partners.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
May 29, 2024
11am (EDT) / 5pm (CEST)
Solar Media Events
June 4, 2024
London, UK
Upcoming Webinars
June 11, 2024
3:00 PM (BST) / 4:00 PM (CEST)
Solar Media Events
July 2, 2024
Athens, Greece