Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s leading clean energy firm, has announced a remarkable increase in its renewable energy capacity, soaring by 150% to reach 51GW by the end of 2024, up from 20GW in 2022. This significant milestone positions Masdar as a frontrunner in the global clean energy sector and sets the stage for its ambitious goal of achieving 100GW of renewable energy capacity by 2030.
The company’s operational, under-construction, and advanced pipeline capacity expanded from 20GW to 51GW over the two-year period. In just 12 months, Masdar’s portfolio of operational and committed capacity surged from 16.5GW to 32.6GW by the end of 2024.
In 2024 alone, Masdar invested nearly $8 billion in equity and secured over $4.5 billion in project financing across nine countries, facilitating the development of projects that will add more than 6.5GW of new capacity. These achievements underscore Masdar’s dedication to enhancing its renewable energy portfolio while contributing to the global energy transformation.
Key acquisitions in Greece, Spain, and the United States have bolstered Masdar’s presence in Europe and North America, alongside the initiation of seven major projects worldwide. Notable projects include two Battery Energy Storage System (BESS) projects in the UK, two solar initiatives in Azerbaijan with a combined capacity of 760MW, and the 1.5GW Al Ajban Solar Project in the UAE.
Masdar also celebrated the financial closure of six projects, including the 1.1GW Al Henakiyah Solar Power Plant and the multi-utility AMAALA sustainable project in Saudi Arabia, as well as 760MW solar projects in Bilasuvar and Neftchala, Azerbaijan.
In December 2024, Masdar signed a Power Purchase Agreement for the 2GW Sadawi project in Saudi Arabia and inaugurated the 500MW Zarafshan Wind Farm in Uzbekistan, now recognised as the largest operation in Central Asia.
The company successfully issued its second green bond, raising $1 billion with a 4.6x oversubscription, reflecting strong investor confidence in Masdar’s vision and performance. This achievement followed Fitch’s upgrade of Masdar’s credit rating to AA- from A+, highlighting the robustness of the company’s financial health.
His Excellency Dr Sultan Ahmed Al Jaber, Chairman of Masdar, emphasised the company’s growth over the past two decades, stating, “With the steadfast support of the UAE Leadership, Masdar has evolved from a pioneer in clean energy to one of the world’s largest renewable energy companies. Our progress in 2024, increasing our capacity to 51GW, is a testament to our balanced growth strategy that combines smart acquisitions and project development.”
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, remarked on the company’s ambitious journey, noting, “By more than doubling our capacity in just two years, we have established ourselves as the world’s pure-play renewables leader while setting new benchmarks for the industry.”
Since its inception in 2006, Masdar has played a pivotal role in advancing the UAE’s vision as a global leader in sustainability and climate action, with a commitment to expanding its renewable energy portfolio to 100GW by 2030.
