Engie and Masdar have signed a strategic alliance agreement to explore the co-development of a 2GW green hydrogen hub in the United Arab Emirates.
The two companies said they are looking to develop projects with a total investment in the region of €4.4bn.
The agreement was signed by UAE minister of industry and advanced technology and Masdar chairman Sultan Ahmed Al Jaber and Engie chief executive officer Catherine MacGregor in the presence of the Crown Prince of Abu Dhabi Mohammed bin Zayed Al Nahyan and President of the French Republic Emmanuel Macron.
Masdar said that the partnership aims to capture synergies and complementarities between itself, as a renewables developer and investor, and Engie’s leadership position in green hydrogen deployment to establish an early mover position in the UAE’s hydrogen market.
The company added that it will initially target local supply, with the aim of expanding capacity to create a giga-scale green hydrogen hub for the Gulf Corporation Council, with the potential to export to other markets.
MacGregor said: “We are very pleased to partner with Masdar to make a direct contribution to the UAE’s Net Zero 2050 strategic initiative.
“This strategic alliance illustrates Engie’s ambitious goals for the long-term development of renewable hydrogen, an essential tool for the energy transition.”