Masdar, the UAE-based renewable energy developer, has announced a remarkable increase in its renewable energy capacity, achieving a 150% growth to reach 51GW by the end of 2024, up from 20GW in 2022. This milestone positions Masdar as a leader in the global clean energy sector and sets the stage for its ambitious goal of reaching 100GW of renewable energy capacity by 2030.
Key Highlights:
- Capacity Growth: Masdar’s operational, under-construction, and advanced pipeline capacity surged from 20GW in 2022 to 51GW by the end of 2024 [1].
- Investment and Financing: In 2024, Masdar deployed nearly $8 billion in equity investments and secured over $4.5 billion in project financing across nine countries, facilitating the development of more than 6.5GW of new capacity [2].
- Global Expansion: The company made significant acquisitions in Greece, Spain, and the United States, enhancing its presence in Europe and North America. It also initiated seven major projects globally, including:
- Two Battery Energy Storage System (BESS) projects in the UK
- Two solar projects in Azerbaijan with a combined capacity of 760MW
- The 1.5GW Al Ajban Solar Project in the UAE [2].
- Project Milestones: Masdar achieved financial closure on six projects, including the 1.1GW Al Henakiyah Solar Power Plant in Saudi Arabia and solar projects in Azerbaijan [2].
- New Initiatives: The company signed a Power Purchase Agreement (PPA) for the 2GW Sadawi project in Saudi Arabia and inaugurated the 500MW Zarafshan Wind Farm in Uzbekistan, now the largest operational wind farm in Central Asia [2].
- Investor Confidence: Masdar successfully issued its second green bond, raising $1 billion, which was oversubscribed by 4.6 times, reflecting strong investor confidence. Fitch Ratings also upgraded Masdar’s credit rating from A+ to AA-, indicating robust financial health [2].
Leadership Vision:
Sultan Ahmed Al Jaber, Chairman of Masdar, stated, “In 2024, we made significant progress by increasing our overall capacity to 51GW, more than halfway to meeting our 100GW by 2030 target. This is testament to a balanced growth strategy combining smart acquisitions and project development in our bid to become the world leader in clean energy” [2].
Masdar’s commitment to the UAE Consensus and the global target of tripling renewable energy capacity by 2030 underscores its mission to drive the global energy transformation and ensure sustainable progress for all.
Learn more:
- Masdar’s Capacity Up By 150% to Over 50GW In Two Years …
- Masdar Renewable Energy Capacity: Masdar increases renewable energy capacity by 150% to 51GW by 2024, ET EnergyWorld
- Masdar reveals first solar, battery project for renewable baseload power
