Masdar's 2024 spend hits $8bn; launches projects in 9 countries

24/03/2025 05:02 AST

Abu Dhabi Future Energy Company (Masdar) has reinforced its leadership in the global clean energy sector by deploying close to AED30 billion in equity investments and securing more than AED16.5 billion of project financing across nine countries.

These accomplishments reflect Masdar's commitment to expanding its renewable energy portfolio while driving the global energy transformation.

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.

Masdar contributes to accelerating development and supporting the UAE's ambition to become the world's largest developer, owner, and operator of renewable energy and green hydrogen.

It also aids countries globally in achieving their climate neutrality plans, while increasing its project portfolio's production capacity to 51GW by the end of 2024.

Masdar's growth was advanced by landmark acquisitions in Greece, Spain and the United States, strengthening the company's presence in Europe and North America, as well as breaking ground on seven major projects worldwide.

These included two BESS projects in the UK, two solar projects in Azerbaijan with a combined capacity of 760MW, and the 1.5GW Al Ajban Solar Project in the UAE.

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

Masdar also signed a power purchase agreement in December 2024 for the 2GW Sadawi project in Saudi Arabia, and inaugurated the 500MW Zarafshan Wind Farm in Uzbekistan, now the largest operation in Central Asia.

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