Abu Dhabi Future Energy Company (Masdar), one of the world’s leading renewable energy companies, and Hy24, the world’s largest clean hydrogen pure-play investor, have signed a strategic joint development and investment framework agreement to foster large-scale green hydrogen projects.
Masdar and Hy24 agreed on a framework to explore the development and investment in projects along the Power-to-X value chain, which involves producing renewable power converted via electrolyzers into green hydrogen and, subsequently, its derivatives such as green ammonia, e-methanol, sustainable aviation fuel, and liquid hydrogen.
The companies will focus on projects located in key regional hubs across Europe, the Americas, Asia Pacific, and the Middle East and North Africa (MENA). The agreement was signed during the UN’s Climate Change Conference (COP28) in Dubai.
Mohamed Jameel Al Ramahi CEO – Masdar
“At COP28, we have seen the critical need for global stakeholders to unite, act and deliver. Masdar’s collaboration with Hy24, the world’s largest clean hydrogen pure-play investor, will see us leverage our shared expertise and resources. Throughout our 17-year history, Masdar has deployed a ‘first mover’ approach to the clean energy transition worldwide. Now, Masdar and Hy24 will work together to maximize green hydrogen’s huge potential to accelerate the energy transition for a cleaner, greener future.”
The Hy24-managed “Clean Hydrogen Infrastructure Fund” expects that co-investment and co-development opportunities will be made available to Masdar, which could represent up to $2.1 billion (€2 billion) of investments in the next five years. Green hydrogen will play a key role in enabling faster and more widespread global adoption of renewable energy, helping the planet to meet net-zero goals.
The agreement reinforces Hy24’s role as a catalyst in fostering the hydrogen economy and will leverage Masdar’s 20 GW of renewable energy projects worldwide, enabling the two leaders to target exploration of larger transactions and project developments across broader geographies at scale and pace.
Mr. Pierre-Etienne Franc, Co-founder and CEO of Hy24, said that, “Hydrogen is unanimously recognized as one of the most promising tools for the energy transition, a view that has been reinforced at COP28. Our joint agreement aims to unlock investments for some of the largest and most strategic green hydrogen projects in the world.”
“Further, it also demonstrates the strong potential for both France and the UAE to develop large-scale decarbonization projects together within this industry vertical. We need to see more capital allocated by institutional investors and sovereign wealth funds to climate action. Masdar is paving the way,” Mr. Franc added.
