Abu Dhabi National Energy Company and Abu Dhabi National Oil Company’s Acquisition of Stakes in Abu Dhabi Future Energy Company

Allen & Overy advised Mubadala Investment Company (Mubadala) on the sale of stakes in Abu Dhabi Future Energy Company (Masdar) to Abu Dhabi National Energy Company (TAQA) and Abu Dhabi National Oil Company (ADNOC).
Clifford Chance advised Abu Dhabi National Energy Company. Shearman & Sterling advised ADNOC.

The transaction, announced last year by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, will create a global clean energy powerhouse that consolidates the renewable energy and green hydrogen efforts of TAQA, Mubadala and ADNOC under the Masdar brand.

The transaction values the new Masdar joint ventures at approximately AED 7 billion (USD 1.9 billion) on a 100% equity basis. TAQA will acquire a 43% controlling stake in Masdar’s renewables business with Mubadala retaining a 33% interest and ADNOC owning the remaining 24% interest. Meanwhile, ADNOC will hold a 43% controlling stake in Masdar’s new green hydrogen joint venture, Mubadala will retain a 33% interest and TAQA will hold a 24% effective stake. Together the three partners will supercharge Masdar’s growth and expansion, with each shareholder playing a key role.

The transaction remains subject to the completion of necessary transaction requirements, including obtaining relevant third party and regulatory approvals.

Allen & Overy team included Ibrahim Mubaydeen (Picture), David Foster, Judith Kim, Nicholas Stuart, Ian Ingram-Johnson, Kyle Nevin, George Chip Cannon and Jamie Palmer.

The Clifford Chance team advising TAQA was led by partner Mohammed Al-Shukairy, Regional Managing Partner, Middle East, together with support from a core team comprising counsel Daniel Boyle, senior associate Rezwan Azam, associate Ahmed Shafiek and trainee Shannon Burke. Partner Richard Parris and counsels Jeremy Barker and Inaamul Laher provided additional specialist projects and construction advice.

The Shearman & Sterling team included Renad Younes, Jade Chu, Matthew Readings, Laleh Shahabi, Samuel Ogunlaja, Joe Freeman, Natalya Pilbeam, Gabriella Griggs, Claire Hunter, Caitlin Mcphee, Rachel Treasure, Andrea Callá, Krishna Parikh, Ruba Noorali, Suzanne Norman, Claude Jiang, Ali Hassanali and Will Johnson.

Involved fees earner: David Foster – Allen & Overy; Ian Ingram-Johnson – Allen & Overy; Judith Kim – Allen & Overy; Ibrahim Mubaydeen – Allen & Overy; Nicholas Stuart – Allen & Overy; Mohammed Al-Shukairy – Clifford Chance; Rezwan Azam – Clifford Chance; Jeremy Barker – Clifford Chance; Daniel Boyle – Clifford Chance; Inaamul Laher – Clifford Chance; Richard Parris – Clifford Chance; Ahmed Shafiek – Clifford Chance; Andrea Calla – Shearman & Sterling; Jade Chu – Shearman & Sterling; Joe Freeman – Shearman & Sterling; Gabriella Griggs – Shearman & Sterling; Ali Hassanali – Shearman & Sterling; Claire Hunter – Shearman & Sterling; Claude Jiang – Shearman & Sterling; Will Johnson – Shearman & Sterling; Caitlin McPhee – Shearman & Sterling; Ruba Noorali – Shearman & Sterling; Suzanne Norman – Shearman & Sterling; Samuel Ogunlaja – Shearman & Sterling; Krishna Parikh – Shearman & Sterling; Natalya Pilbeam – Shearman & Sterling; Matthew Readings – Shearman & Sterling; Laleh Shahabi – Shearman & Sterling; Rachel Treasure – Shearman & Sterling; Renad Younes – Shearman & Sterling;

Law Firms: Allen & Overy; Clifford Chance; Shearman & Sterling;

Clients: Abu Dhabi National Oil Company; Mubadala; TAQA – Abu Dhabi National Energy Company;

Giulia Di Palma

Author: Giulia Di Palma