Masdar, Hy24 aim to co-develop, co-invest in green hydrogen projects

Abu Dhabi Future Energy Company, or Masdar, and Paris-based hydrogen investor Hy24 will collaborate on large-scale green hydrogen projects in key regional hubs across Europe, the Americas, Asia Pacific and the Middle East and North Africa (MENA).

The companies have signed a strategic framework agreement at COP28 in Dubai to pursue co-development and co-investment opportunities in projects along the Power-to-X value chain, spanning the production of renewable power, green hydrogen and its derivatives like green ammonia, e-methanol, sustainable aviation fuel and liquid hydrogen.

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Through the Hy24-managed Clean Hydrogen Infrastructure Fund, Masdar is expected to be provided with access to EUR 2 billion (USD 2.16bn) worth of co-investment and co-development opportunities in the next five years.

The companies said the partnership reinforces Hy24's role in kickstarting the hydrogen economy and will leverage Masdar’s 20 GW of renewable energy projects globally.

“Our joint agreement aims to unlock investments for some of the largest and most strategic green hydrogen projects in the world. It also demonstrates the strong potential for both France and the UAE to develop large-scale decarbonisation projects together within this industry vertical,” Hy24 co-founder and chief executive Pierre-Etienne Franc said in a statement on Thursday. Hy24 is a joint venture between investment house Ardian and FiveT Hydrogen.

Masdar chief executive Mohamed Jameel Al Ramahi noted it was recognised at COP28 that there is a critical need for global stakeholders to unite, act and deliver. The Abu Dhabi-based company targets an annual green hydrogen production capacity of up to 1 million tonnes by 2030.

(EUR 1 = USD 1.079)