Masdar Ramps Up Renewable Capacity by 150% to 51 GW, Solidifying Global Clean Energy Leadership

Masdar's Significant Growth in Solar and Renewable Energy Capacity

In a remarkable leap towards a sustainable future, Masdar, the Abu Dhabi Future Energy Company, announced that it has increased its renewable energy capacity by an impressive 150% in just two years, elevating its total capacity to over 51 GW by the end of 2024. This transformative growth reflects Masdar’s commitment to advancing the global energy transition while reinforcing its position as a leading player in the clean energy arena.

Milestones of Growth

From 2022 to 2024, Masdar's operational, under-construction, and advanced pipeline capacity rose dramatically from 20 GW to 51 GW. The progress is a result of strategic acquisitions and innovative projects across various nations, including Spain, Greece, and the United States. Interestingly, the company's operational portfolio also expanded from 16.5 GW to 32.6 GW in just a year, showcasing Masdar’s efficiency in project execution.

During 2024 alone, Masdar invested nearly $8 billion in equity and secured over $4.5 billion in project financing across nine countries. These investments are pivotal in developing projects that collectively contribute to an astounding capacity of over 6.5 GW. The acceleration in growth not only reflects an ambitious strategy but also an unwavering commitment to sustainability and the reduction of global carbon footprints.

Strategic Acquisitions and Global Projects

The surge in Masdar’s capacity can be attributed to ground-breaking contracts and partnerships that have fortified its presence in Europe and North America. The company initiated seven major global projects, categorized strategically to accelerate clean energy growth. This includes two Battery Energy Storage System (BESS) projects in the United Kingdom and several solar initiatives across Azerbaijan, adding up to a significant total capacity of 760 MW. One highlight is the 1.5 GW solar project named Al Ajban located in the UAE.

Masdar has also marked financial completions on six projects, with notable mentions including the 1.1 GW Al Henakiyah solar power plant in Saudi Arabia and 760 MW solar developments in Azerbaijan. A significant development includes the signing of a Power Purchase Agreement (PPA) for the 2 GW Sadawi project in Saudi Arabia, and the inauguration of Uzbekistan’s largest wind farm, the 500 MW Zarafshan.

Building Investor Confidence

In a move to further strengthen its financial standing, Masdar successfully issued its second green bond, raising $1 billion, which was oversubscribed by 4.6 times. This indicates robust investor confidence in Masdar’s vision and operational performance. The company has received an upgrade from Fitch, with its rating moving from A+ to AA-, reflecting a more favorable outlook on its financial health and sustainability initiatives.

Leadership Comments

Dr. Sultan Ahmed Al Jaber, Chairman of Masdar, articulated the essence of this growth, stating, “With steadfast support from the UAE leadership, Masdar has evolved from a clean energy pioneer to one of the largest renewable energy companies globally. Our achievements in 2024 exemplify our balanced growth approach, integrating smart acquisitions and project developments as we strive to emerge as the global clean energy leader.”

Mohamed Jameel Al Ramahi, CEO of Masdar, emphasized the significance of strategic decision-making that propelled the company’s growth. “Masdar’s journey in 2024 represents the synergy of bold ambitions coupled with strategic action. By more than doubling our capacity, we have not only solidified our leading status in renewable energy but also broadened our ambitions through crucial acquisitions in the USA, Spain, and Greece.”

Commitment to Sustainability

Since its inception in 2006, Masdar has been instrumental in realizing the UAE's vision of becoming a front-runner in sustainability and climate action, executing projects in over 40 countries. The company is ambitiously set to scale its renewable energy capacity to 100 GW by 2030, further solidifying its commitment to providing affordable clean energy solutions worldwide.

For additional information on Masdar and its ongoing initiatives, visit Masdar’s official website or connect through their social media channels on Facebook and Twitter.