Abu Dhabi Future Energy Company (Masdar) set an ambitious target of producing 100 gigawatts (GW) of renewable energy by the end of 2030. After achieving a record portfolio growth of 62 per cent during 2024, it is more than halfway there already.
The company’s operational, under-construction, and advanced pipeline capacity has reached 51GW.
This was revealed when Masdar released its 12th Annual Sustainability Report, highlighting how the company strengthened its position as a global clean energy leader last year, delivering record capacity growth and increasing its global footprint through major acquisitions in Europe and the United States.
Dr Sultan Ahmed Al Jaber, Chairman, Masdar, commented: “Energy is the foundation of modern prosperity. It underpins economic progress, industrial growth, and geopolitical stability. As such, the UAE has always placed an emphasis on maximum energy, minimum emissions and was the first country in the region to explore clean energy at scale through Masdar.
“Today, almost 20 years later, Masdar is a global clean energy powerhouse, more than halfway to our goal of 100GW of clean energy by 2030, helping transform the energy systems of today to drive the economies of tomorrow in every region of the world.”
The report highlights the company’s continued progress in key sustainability areas, including environmental performance, social impact, ethical business practices, and workforce diversity. It also reinforces the company’s leadership in sustainable finance with the expansion of its green bond programme in 2024.
Total capacity for operational and under construction projects almost doubled to 32.6GW, with operational projects generating 29,225 gigawatt-hours (GWh) of clean electricity, avoiding 15.5 million tonnes of carbon dioxide equivalent.
The company now has projects in 37 countries, and has delivered a total of 38 projects in the UAE.
Masdar’s landmark acquisitions
The growth was fuelled by Masdar’s strategic expansion in Europe, when it purchased Greece’s TERNA ENERGY for a total enterprise value of €3.2 billion (US$3.75 billion).
Masdar also acquired a 50 per cent stake in Terra-Gen, one of the largest independent renewable energy producers in the United States. Terra-Gen’s portfolio will not only play a key role in driving Masdar’s global capacity growth, it will also accelerate collaboration between the US and the UAE in alignment with their strategic energy partnership for reliable, affordable and sustainable energy.
Masdar expanded further by acquiring Saeta in Spain’s Iberian Peninsula for US$1.4 billion and securing a 49 per cent stake in a 2GW operating solar portfolio from Endesa SA.
Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar, added: “As Masdar continues to evolve as a global clean energy leader, 2024 marked a defining chapter in our journey, as we expanded our presence in key global markets, strengthened our financial credentials, and drove initiatives that reflect our commitment to responsible growth and inclusive progress.
“As a global investor, developer, and operator, we are delivering impact at scale across key geographies and helping to shape the future of clean energy. We will continue to drive innovation in the clean energy sector and reinforce our position as a partner of choice for governments and communities across the globe.”
