Abu Dhabi’s state oil company is considering an investment in renewable energy developer Masdar, in what could be one of the green power industry’s largest deals this year, people familiar with the matter said.
Abu Dhabi National Oil Co. is in preliminary talks to acquire a significant minority stake in Masdar, according to the people, who asked not to be identified because the information is private. It’s interested in the company’s solar parks, wind farms, waste-to-energy projects and electric vehicle charging networks, the people said.
A transaction would help Adnoc, one of the world’s biggest energy producers, diversify its portfolio into more carbon-neutral assets. Any deal would add to a consolidation drive in oil-rich Abu Dhabi, which has already seen mergers among some of its largest sovereign wealth funds and financial institutions.
State-owned utility Abu Dhabi National Energy Co., known as Taqa, had also previously studied a potential investment in Masdar, the people said.
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