Masdar, the Abu Dhabi Future Energy Company, and Hy24, the world’s largest clean hydrogen investor, have entered into a strategic joint development and investment framework agreement at COP28 in Dubai.
This collaboration aims to promote large-scale green hydrogen projects across the Power-to-X value chain, encompassing the production of renewable power converted into green hydrogen and its derivatives like green ammonia, e-methanol, sustainable aviation fuel, and liquid hydrogen.
The agreement focuses on project development in key regional hubs globally, with the “Clean Hydrogen Infrastructure Fund” managed by Hy24 offering co-investment and co-development opportunities to Masdar, potentially totaling up to €2 billion over the next five years.
The partnership leverages Masdar’s 20GW of renewable energy projects and reinforces Hy24’s role in advancing the hydrogen economy. The collaboration will also bring new investment opportunities for Hy24 in the Middle East and North Africa, building on Ardian’s established partnerships in the region.
Mohamed Jameel Al Ramahi, CEO of Masdar, emphasized the critical need for global collaboration in addressing climate challenges, while Pierre-Etienne Franc, CEO of Hy24, highlighted the joint effort to unlock investments for strategic green hydrogen projects worldwide.
