Masdar, the Abu Dhabi Future Energy Company, is set to significantly expand its operations by investing nearly Dh30 billion in 2024. This investment will support the launch of new projects in nine countries, reinforcing Masdar’s role as a leader in the global clean energy sector. The company has also secured over Dh16.5 billion in project financing, demonstrating its commitment to enhancing its renewable energy portfolio and driving the global energy transformation.

Since its establishment in 2006, Masdar has been pivotal in advancing the UAE’s vision to become a global leader in sustainability and climate action. The company has developed and collaborated on projects in more than 40 countries and has a target to increase its renewable energy portfolio capacity to 100 gigawatts (GW) by 2030.

Masdar aims to accelerate development and assist the UAE in becoming the world’s largest developer, owner, and operator of renewable energy and green hydrogen. The company also contributes to global climate neutrality goals while striving to expand its project portfolio’s production capacity to 51 GW by the end of 2024.

The company’s growth has been bolstered by key acquisitions in Greece, Spain, and the United States, which have strengthened its presence in Europe and North America. Masdar has also initiated seven major projects worldwide, including two battery energy storage system (BESS) projects in the UK and two solar projects in Azerbaijan with a combined capacity of 760 MW. Additionally, the 1.5 GW Al Ajban Solar Project in the UAE marks another significant achievement for the company.

Recently, Masdar achieved financial closure on six projects, notably the 1.1 GW Al Henakiyah Solar Power Plant and the multi-utility AMAALA sustainable project in Saudi Arabia. The company also announced a Power Purchase Agreement in December 2024 for the 2 GW Sadawi project in Saudi Arabia and inaugurated the 500 MW Zarafshan Wind Farm in Uzbekistan, which is now recognized as the largest operation in Central Asia.