Abu Dhabi Future Energy Company PJSC (Masdar) has announced record-breaking growth in 2024, achieving a 62% expansion in its clean energy portfolio and strengthening its position as a global leader in renewable energy. The milestone was highlighted in Masdar’s 12th Annual Sustainability Report, which also showcased major strides in environmental performance, sustainable finance, and social impact.
Masdar’s total operational, under-construction, and advanced pipeline capacity surged to 51 gigawatts (GW), more than halfway towards its 2030 target of 100GW. Of this, 32.6GW is operational or under construction, nearly double the previous year, with clean energy projects generating 29,225 gigawatt-hours (GWh) of electricity and avoiding 15.5 million tonnes of CO₂ equivalent in 2024.
Strategic Acquisitions Drive Global Expansion
Masdar’s record growth was propelled by landmark acquisitions in Europe and the United States:
- Greece: Acquisition of TERNA ENERGY for €3.2 billion.
- United States: A 50% stake in Terra-Gen, one of the largest independent renewable producers, reinforcing UAE-US energy cooperation.
- Spain & Portugal (Iberian Peninsula): Acquisition of Saeta for US$1.4 billion, alongside a 49% stake in Endesa S.A.’s 2GW operating solar portfolio.
These moves significantly bolstered Masdar’s global footprint across mature renewable markets while accelerating collaborations under strategic energy partnerships.
Strengthening Financial Leadership
The report also underlined Masdar’s leadership in sustainable finance, with the expansion of its green bond program in 2024, supporting its large-scale renewable projects worldwide.
Commitment to Sustainability and Inclusion
Masdar emphasized progress in workforce diversity, with women now comprising 20% of management roles. The company also continued to empower local communities through sustainable urban development projects and inclusive energy access initiatives in emerging markets.
CEO Statement
Mohamed Jameel Al Ramahi, CEO of Masdar, said:
“2024 marked a defining chapter in Masdar’s journey as we scaled our global presence, reinforced our financial credentials, and advanced initiatives reflecting our commitment to responsible growth and inclusive progress. As an investor, developer, and operator, we remain committed to driving innovation and delivering impact at scale across key geographies.”
With its strongest year on record, Masdar has solidified its role as a partner of choice for governments and communities worldwide in the transition to a sustainable energy future.
–Input WAM
