Abu Dhabi’s Masdar invested approximately $8 billion in equity and secured over $4.5 billion in project financing across nine countries in 2024, reinforcing its position in the global clean energy sector.
The company’s renewable energy capacity grew by 150% over two years, reaching 51 gigawatts by the end of 2024.
In 2024, Masdar initiated seven major projects, including two battery energy storage systems in the UK, two solar projects in Azerbaijan totaling 760 megawatts, and the 1.5-gigawatt Al Ajban Solar Project in the UAE.
The company also achieved financial close on six projects, notably the 1.1-gigawatt Al Henakiyah Solar Power Plant and the multi-utility Amaala sustainable project in Saudi Arabia, as well as the Bilasuvar and Neftchala solar projects in Azerbaijan.
In December 2024, Masdar signed a Power Purchase Agreement for the 2-gigawatt Sadawi project in Saudi Arabia and inaugurated the 500-megawatt Zarafshan Wind Farm in Uzbekistan, now the largest operation in Central Asia.
The company has set a target to increase its renewable energy portfolio capacity to 100 gigawatts by 2030.
Masdar’s expansion strategy includes significant acquisitions in Greece, Spain, and the United States, strengthening its presence in Europe and North America.
In Spain, Masdar agreed to acquire Saeta Yield from Brookfield for $1.4 billion, adding 745 megawatts of wind energy assets and 1.6 gigawatts of projects in development across Spain and Portugal.
In Greece, Masdar acquired a majority stake in TERNA ENERGY, the largest developer and investor in renewable energy projects in the country, enhancing its position in Southwest Europe.
In the US, Masdar acquired a 50% stake in Terra-Gen Power, marking its first investment in North America’s renewable energy sector.
These strategic moves align with Masdar’s goal to become a leading global renewable energy company, as it continues to support the UAE’s vision for sustainability and climate action.
