Abu Dhabi Future Energy Company (Masdar) achieved a record portfolio growth of 62 percent last year, with its operational, under construction and advanced pipeline capacity reaching 51 gigawatts (GW), more than halfway to the company’s 2030 target of 100GW.
In its 12th Annual Sustainability Report, the company revealed that 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 tons of carbon dioxide equivalent.
Masdar progresses in key sustainability areas
The report highlights how the company strengthened its position as a global clean energy leader in 2024, delivering record portfolio capacity growth and increasing its global footprint through major acquisitions in Europe and the United States.
Masdar’s report also highlights the company’s continued progress in key sustainability areas, including environmental performance, social impact, ethical business practices and workforce diversity. It also reinforces Masdar’s leadership in sustainable finance, with the expansion of its green bond program in 2024.
“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,” said Mohamed Jameel Al Ramahi, CEO of Masdar.
Landmark acquisitions fuel growth
Landmark acquisitions fueled Masdar’s growth in 2024. With its strategic expansion in Europe, Masdar acquired Greece’s TERNA ENERGY for a total enterprise value of €3.2 billion.
Masdar also acquired a 50 percent stake in Terra-Gen, one of the largest independent renewable energy producers in the United States. Terra-Gen’s portfolio will play a key role in driving Masdar’s global capacity growth. The investment will also accelerate collaboration between the US and the UAE in alignment with their strategic energy partnership for reliable, affordable and sustainable energy.
In the Iberian Peninsula, another core European market, Masdar expanded further by acquiring Saeta for $1.4 billion and securing a 49 percent stake in a 2GW operating solar portfolio from Endesa S.A.
“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,” added Al Ramahi.
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Masdar’s second green bond issuance sees strong demand
Masdar’s second green bond issuance, in July 2024, was again met with strong global demand, being 4.6 times oversubscribed, reaffirming widespread investor confidence in the company’s long-term strategy and ESG credentials.
Masdar also received a credit rating upgrade to AA- from Fitch Ratings and an ESG Entity Rating of 2 from Sustainable Fitch, with a 71/100 score, reflecting the company’s good ESG performance and the green nature of its assets.
Aligned with its focus on diversity, inclusion and leadership development, Masdar is committed to promoting a strong female representation in management, with women now comprising 20 percent of its management team. It is also steadfast in its approach to empowering local communities through sustainable urban development and inclusive energy access initiatives across its projects.
Beyond power generation, Masdar’s projects create jobs in local communities, support economic growth and protect wildlife ecosystems. As an example of Masdar’s commitment to biodiversity, the company is utilizing Identiflight AI technology at its Zarafshan wind project in Uzbekistan, helping to protect bird species through advanced flight pattern monitoring and risk reduction, marking the first such deployment in Asia.
