Masdar has announced a 150% increase in its renewable energy capacity over two years as it steps up project development around the world.
The UAE-based company reported that its operational, under-construction, and advanced pipeline capacity increased from 20GW in 2022 to 51GW by the close of 2024.
The milestone underscores Masdar’s progress toward its ambitious target of achieving 100GW of renewable energy capacity by 2030. The company’s rapid growth is attributed to a combination of strategic acquisitions, project developments, and landmark deals in key markets, including the United States, Spain, and Greece.
In 2024, Masdar deployed $8 billion in equity investments and secured $4.5 billion in project financing across nine countries, enabling the development of projects totaling 6.5GW in new capacity.
Key developments included the financial close of the 1.1GW Al Henakiyah Solar Power Plant in Saudi Arabia, the inauguration of the 500MW Zarafshan Wind Farm in Uzbekistan—the largest in Central Asia—and solar projects in Azerbaijan totaling 760MW.
Masdar also signed a Power Purchase Agreement for the 2GW Sadawi project in Saudi Arabia and advanced two battery energy storage system (BESS) projects in the UK. These efforts have bolstered its global footprint, with significant strides in Europe and North America.
Masdar’s financial health remains robust, evidenced by its successful issuance of a second green bond, raising $1 billion with a 4.6x oversubscription rate. Fitch Ratings upgraded Masdar’s credit rating to AA-, reflecting strong investor confidence in the company’s strategy and financial performance.
Dr. Sultan Ahmed Al Jaber, Chairman of Masdar, highlighted the company’s two-decade journey from a clean energy pioneer to one of the world’s largest renewable energy companies.
“With the steadfast support of the UAE leadership, Masdar has grown exponentially, reaching 51GW in capacity—more than halfway to our 100GW target for 2030. This progress exemplifies our balanced growth strategy of smart acquisitions and impactful project development as we work toward a sustainable future,” Dr. Al Jaber said.
Mohamed Jameel Al Ramahi, CEO of Masdar, noted the importance of bold ambition paired with strategic action.
“In 2024, we not only doubled our capacity but set new industry benchmarks. Our strategic acquisitions and major project achievements underscore our commitment to accelerating the global energy transformation and cementing our role as a trusted clean energy partner,” Al Ramahi stated.
Since its inception in 2006, Masdar has been at the forefront of the UAE’s sustainability and climate action initiatives.
With projects in over 40 countries, the company’s renewed focus on expanding renewable energy capacity positions it as a key player in global efforts to triple renewable energy capacity by 2030, a goal aligned with the UAE Consensus agreed upon at COP28.
