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UAE’s Masdar expands renewable energy footprint

By Sunil Singh
In 2024, Masdar completed acquisitions in Greece, Spain and the US Narcisa Aciko/Pexels
In 2024, Masdar completed acquisitions in Greece, Spain and the US
  • Masdar invested AED30bn in 2024
  • Project financing in nine countries
  • More than 40 countries in total

Abu Dhabi renewable energy company Masdar invested nearly AED30 billion ($8.2 billion) in equity last year and secured more than AED16.5 billion in project financing across nine countries.

The company, which is targeting a renewable energy portfolio capacity of 100 gigawatts by 2030, has developed and partnered in projects in more than 40 countries, the state-owned Wam news agency reported on Sunday.

It completed acquisitions in Greece, Spain and the US last year.  

Masdar also initiated seven major projects, including two battery energy storage system facilities in the UK, two solar projects in Azerbaijan with a total capacity of 760 megawatts and the 1.5GW Al Ajban solar project in the UAE, according to Wam.

It achieved financial closure on six projects last year, including the 1.1GW Al Henakiyah solar power plant and Amaala project in Saudi Arabia, as well as the 760MW solar projects at Bilasuvar and Neftchala in Azerbaijan.

In December, it launched the 500MW Zarafshan wind farm in Uzbekistan and signed a power purchase agreement for the 2GW Sadawi project in Saudi Arabia.

By the end of last year, the production capacity across its portfolio had reached 51GW, driven by its expansion in Europe and North America,

Masdar is exploring the acquisition of a stake in French oil major TotalEnergies’ Portuguese renewables assets, Reuters reported on Monday, citing three unnamed sources. 

Masdar is controlled by UAE’s power and water company Taqa, Abu Dhabi National Oil Company and the Abu Dhabi sovereign wealth fund Mubadala.

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