ABU DHABI — Abu Dhabi Future Energy Company PJSC, known as Masdar, is marking 20 years of operations, highlighting its role in advancing renewable energy development in the UAE and globally.
Founded in 2006 by Sheikh Mohamed bin Zayed Al Nahyan through Mubadala Investment Company, Masdar was established to help diversify the UAE economy and support the growth of renewable energy.
The company has since grown into one of the world’s largest renewable energy developers and operators, with a portfolio exceeding 65 gigawatts and a target of reaching 100GW by 2030.
“In 2006, investing in renewable energy wasn’t the obvious choice,” said Dr. Sultan Ahmed Al Jaber, minister of industry and advanced technology and Masdar’s founding CEO. “Technologies were nascent, and scale was unproven. The leadership recognized the long-term potential of the sector.”
Masdar CEO Mohamed Jameel Al Ramahi said the company’s growth reflects the UAE’s early focus on clean energy and economic diversification.
“Through partnerships, innovation and investment, we have expanded globally and continue to deliver clean energy solutions,” he said, adding that rising global electricity demand is driving further growth.
Masdar began operations with a grid-connected solar plant in Masdar City in 2009 and has since developed large-scale projects, including the 2GW Al Dhafra solar plant, one of the world’s largest single-site solar facilities.
The company now employs more than 1,100 people across 12 countries, with projects spanning multiple technologies, including offshore wind, floating solar and large-scale wind farms in Europe, Asia and Central Asia.
In 2022, Masdar adopted a new ownership structure, with Abu Dhabi National Energy Company, Mubadala and Abu Dhabi National Oil Company as joint shareholders.
Recent acquisitions in Europe and the United States have expanded its global footprint.
In Abu Dhabi, Masdar is working with Emirates Water and Electricity Company on a large-scale renewable energy project combining solar power and battery storage, designed to deliver continuous baseload electricity.
The company is also expanding internationally. This month, it signed an agreement with France’s TotalEnergies to establish a $2.2 billion joint venture focused on renewable energy projects across Asia.
Masdar plans to invest between $30 billion and $35 billion in equity and project financing to reach its 100GW target by 2030, adding about 10GW of capacity annually.