Masdar's Capacity Up By 150% to Over 50GW In Two Years Cementing Place as Global Clean Energy Leader

• Masdar's operational, under construction and advanced pipeline capacity grew from 20GW to 51GW between 2022 and end of 2024
• Landmark deals inSpain,Greeceandthe United Statesalso helped double Masdar's portfolio capacity
• Masdar deployed close to$8 billionin equity in 2024, in addition to raising over$4.5 billionof project financing across nine countries
• The UAE clean energy leader successfully developed seven major projects worldwide and inaugurated the largest wind farm inCentral Asia

ABU DHABI, UAE,Jan. 15, 2025/PRNewswire/ -- Abu Dhabi Future Energy Company PJSC – Masdar, the UAE's clean energy leader – has announced that it has significantly increased its overall renewable energy capacity by 150 percent to 51GW by the end of 2024, up from 20GW in 2022. This achievement establishes Masdar as a global clean energy leader and well on track to achieving its ambitious target of 100GW of renewable energy capacity by 2030.

Masdar's operational, under construction and advanced pipeline capacity grew from 20GW to 51GW between 2022 and the end of 2024. It comes as Masdar's portfolio of operational, under construction and committed capacity also rose in just 12 months from 16.5GW to 32.6GW by end of 2024.

In 2024 alone, Masdar deployed close to$8 billionin equity investments and secured more than$4.5 billionof project financing across nine countries, enabling the development of projects totaling over 6.5GW of new capacity. These accomplishments reflect Masdar's commitment to expanding its renewable energy portfolio while driving the global energy transformation.

Masdar's growth was advanced by landmark acquisitions inGreece,Spainandthe United States, strengthening the company's presence inEuropeandNorth America, as well as breaking ground on seven major projects worldwide. These included two BESS projects in the UK, two solar projects inAzerbaijanwith a combined capacity of 760MW, and the 1.5GW Al Ajban Solar Project in the UAE.

Masdar also announced the financial close of six projects, including the 1.1GW Al Henakiyah Solar Power Plant and multi-utility AMAALA sustainable project in theKingdom of Saudi Arabia, as well as 760MW solar projects Bilasuvar and Neftchala inAzerbaijan.

Additionally, Masdar signed a Power Purchase Agreement inDecember 2024for the 2GW Sadawi project inSaudi Arabia, and inaugurated the 500MWZarafshan Wind FarminUzbekistan, now the largest operation inCentral Asia.  

The company successfully issued its second green bond, raising$1 billion, with a 4.6x oversubscription underscoring strong investor confidence in Masdar's vision and performance. It came after Fitch upgraded Masdar's credit rating to AA- from A+, demonstrating the confidence in the health of the company's finances.

His Excellency DrSultan Ahmed Al Jaber, Chairman of Masdar, said:"With the steadfast support of the UAE Leadership, Masdar has grown over the last two decades from a pioneer in clean energy to one of the world's biggest renewable energy companies. In 2024, we made significant progress by increasing our overall capacity to 51GW, more than half-way to meeting our 100GW by 2030 target. This is testament to a balanced growth strategy combining smart acquisitions and project development in our bid to become the world leader in clean energy. We are committed to the UAE Consensus and the global target of tripling renewable energy capacity by 2030 in our mission to supercharge the global energy transformation and ensure sustainable progress for all."

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said:"Masdar's journey in 2024 represents the power of bold ambition paired with strategic action. By more than doubling our capacity in just two years, we have not only established our position as the world's pure-play renewables leader but have expanded our ambition with key strategic acquisitions inthe United States,SpainandGreece. We have also achieved significant progress on major projects worldwide, as we help to accelerate the global energy transformation. We are not only reaching milestones but setting new benchmarks for the industry as we work towards our 100GW target and cementing our reputation as the world's trusted clean energy partner."

Since its establishment in 2006, Masdar has been a key enabler of the UAE's vision as a global leader in sustainability and climate action. The company has developed and partnered in projects in over 40 countries, with a mandate to increase its renewable energy portfolio capacity to 100GW by 2030.

For more information please visit:https://www.masdar.aeand connect: facebook.com/masdar.ae and twitter.com/masdar

About Masdar

Masdar (Abu Dhabi Future Energy Company) is one of the world's fastest-growing renewable energy companies. As a global clean energy pioneer, Masdar is advancing the development and deployment of solar, wind, geothermal, battery storage and green hydrogen technologies to accelerate the energy transformation and help the world meet its net-zero ambitions. Established in 2006, Masdar has developed and invested in projects in over 40 countries with a combined capacity of over 50 gigawatts (GW), providing affordable clean energy access to those who need it most and helping to power a more sustainable future.

Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is targeting a renewable energy portfolio capacity of 100GW by 2030 while aiming to be a leading producer of green hydrogen by the same year.

SOURCE Masdar