Abu Dhabi Future Energy Company (Masdar) has announced the release of its twelfth annual sustainability report, underscoring its continued leadership in the global clean energy sector. The report highlights a record growth in the production capacity of its global project portfolio, alongside significant expansions in its international presence through notable acquisitions in Europe and the United States.
Masdar experienced unprecedented growth in its project portfolio, achieving a 62% increase over the past year. The total capacity of projects currently operational, under construction, and planned reached 51 gigawatts, equating to over 50% of the company’s goal of 100 gigawatts by 2030. The total capacity of operational and under-construction projects has nearly doubled to 32.6 gigawatts, while these projects generate 29.225 gigawatt-hours of clean electricity, helping to avoid emissions of 15.5 million tons of carbon dioxide.
Acquisitions
Masdar has made significant strides in 2024, driven by strategic acquisitions. In its expansion into the European market, Masdar acquired the Greek company Terna Energy for a total enterprise value of €3.2 billion. Additionally, the company acquired a 50% stake in Terra-Gen, one of the largest independent renewable energy companies in the United States, which is expected to play a crucial role in boosting Masdar’s global production capacity. This investment is anticipated to strengthen collaboration between the UAE and the United States and accelerate progress.
In the Iberian Peninsula, a key European market, Masdar expanded its presence by acquiring the company Ceyta for $1.4 billion and obtained a 49% stake in a 2-gigawatt operational solar project portfolio owned by Endesa.
A Significant Milestone
Mohamed Jameel Al Ramahi, CEO of Masdar, stated: “Masdar continues to solidify its position and enhance its leadership role in the global clean energy sector. The year 2024 has been a significant milestone in our journey, as the company has broadened the scope of its projects in key global markets, strengthened its financial capabilities, and led strategic initiatives that reflect its commitment to achieving inclusive sustainable development. As a global investor, developer, and operator, Masdar aims to create a tangible impact in vital regions while actively shaping the future of clean energy. The company will continue to support innovation and establish itself as a trusted partner for governments and communities worldwide.”
Investor Confidence
In July 2024, Masdar launched the second issuance of its green bonds, attracting significant interest with subscription levels exceeding 4.6 times, indicating high investor confidence in the company’s long-term strategy and its performance in environmental, social, and governance practices. Furthermore, Fitch Ratings upgraded Masdar’s credit rating to AA-, granting the company a sustainable credit rating of 2 and a score of 71/100, reflecting its strong performance in environmental, social, and governance practices and the nature of its sustainable assets.
Masdar is also committed to promoting diversity and inclusion, as well as developing leadership capabilities. Currently, women represent 20% of the company’s management team. The company continues its efforts to empower local communities by developing sustainable urban development projects and launching initiatives that ensure access to energy for all.