By: AGBI

Abu Dhabi’s Masdar is reportedly planning to sell its 50 percent stake in Emerge Energy, a rooftop solar joint venture, to secure capital for its larger-scale projects.

Several companies are in talks with Masdar’s advisers and deals team, CEO Mohamed Jameel Al Ramahi told Bloomberg. 

France’s EDF holds the remaining 50 percent stake in Emerge, the report said.

The joint venture has more than 250 megawatts peak capacity in the UAE and Saudi Arabia.

The potential stake sale will support Masdar to reach its 100-gigawatt target of renewable energy by 2030. 

Al Ramahi said that the money spent to install renewables at big projects is better than channelling into rooftop solar or waste-to-energy initiatives.

Last week Al Ramahi said Masdar had taken six gigawatts from its $6 billion solar facility in the Abu Dhabi desert that was destined to produce 350,000 tonnes of green ammonia and is directing them to power new AI infrastructure instead.

“Today, green hydrogen is under pressure and the market is shrinking,” Al Ramahi said. 

A consortium comprising  Masdar, China’s GD Power and Korea Electric Power Corporation reached the financial close for a $1.1 billion solar facility, securing money from eight regional and international lenders.

The renewables major reported net earnings of AED412 million ($112.2 million) last year, versus a net loss of AED44 million in 2023.

Masdar is owned 43 percent by Abu Dhabi’s state-owned Taqa, 33 percent by Mubadala and 24 percent by Adnoc.