Masdar invests AED30 billion in 2024, launches new projects in 9 countries

ABU DHABI (WAM): Abu Dhabi Future Energy Company – Masdar has strengthened its global leadership in renewable energy, deploying nearly AED30 billion in equity investments and securing over AED16.5 billion in project financing across nine countries. These milestones underscore Masdar’s commitment to driving the global energy transition and expanding its clean energy portfolio.

Since its inception in 2006, Masdar has been a key player in advancing the UAE’s sustainability and climate action goals. The company has developed projects in more than 40 countries and is targeting 100GW of renewable energy capacity by 2030. By the end of 2024, Masdar aims to boost its production capacity to 51GW, supporting global net-zero targets and the UAE’s ambition to lead in renewable energy and green hydrogen.

Masdar’s rapid expansion includes strategic acquisitions in Greece, Spain, and the United States, enhancing its presence in Europe and North America. The company also launched seven major projects globally, including two Battery Energy Storage System (BESS) projects in the UK, two solar projects in Azerbaijan (760MW combined), and the 1.5GW Al Ajban Solar Project in the UAE.

Additionally, Masdar reached financial close on key projects such as the 1.1GW Al Henakiyah Solar Plant and AMAALA sustainable multi-utility project in Saudi Arabia, alongside 760MW solar projects in Azerbaijan’s Bilasuvar and Neftchala regions.

In a major milestone, Masdar signed a Power Purchase Agreement for the 2GW Sadawi solar project in Saudi Arabia and inaugurated Central Asia’s largest wind farm — the 500MW Zarafshan Wind Farm in Uzbekistan.

Masdar’s expanding global portfolio cements its role as a leader in renewable energy development, driving climate action and supporting clean energy targets worldwide.