Masdar Reports Significant 62% Portfolio Growth In 2024 Through Strategic Acquisitions

Abu Dhabi Future Energy Company PJSC, known as Masdar, has unveiled its 12th Annual Sustainability Report. This report underscores the company's achievements in enhancing its status as a leader in clean energy worldwide. Last year, Masdar saw significant growth in its portfolio capacity and expanded its global reach through key acquisitions in Europe and the United States.

Masdar's sustainability efforts are evident in various areas such as environmental performance, social impact, ethical business practices, and workforce diversity. The company also highlighted its leadership in sustainable finance by expanding its green bond programme for 2024. These initiatives reflect Masdar's commitment to responsible growth and inclusive progress.

The company achieved a remarkable 62 percent increase in its portfolio last year. Its operational, under-construction, and advanced pipeline capacity reached 51 gigawatts (GW), moving closer to its 2030 goal of 100GW. Projects that are operational or under construction nearly doubled their total capacity to 32.6GW, generating 29,225 gigawatt-hours (GWh) of clean electricity and preventing 15.5 million tonnes of carbon dioxide equivalent emissions.

Masdar's growth was propelled by significant acquisitions in 2024. In Europe, it acquired Greece’s TERNA ENERGY for €3.2 billion. Additionally, Masdar secured a 50 percent stake in Terra-Gen, a major independent renewable energy producer in the United States. Terra-Gen’s assets are crucial for boosting Masdar’s global capacity and fostering collaboration between the US and UAE on sustainable energy initiatives.

In the Iberian Peninsula, another vital European market for Masdar, the company expanded by acquiring Saeta for US$1.4 billion. It also obtained a 49 percent stake in a 2GW operating solar portfolio from Endesa S.A., further solidifying its presence in this region.

Mohamed Jameel Al Ramahi, CEO of Masdar, stated: "As Masdar continues to evolve as a global clean energy leader, 2024 marked a defining chapter in our journey, as we expanded our presence in key global markets, strengthened our financial credentials, and drove initiatives that reflect our commitment to responsible growth and inclusive progress."

Diversity and Community Empowerment

Masdar places great emphasis on diversity and inclusion within its workforce. Women now make up 20 percent of the management team as part of their commitment to leadership development. The company is also dedicated to empowering local communities through sustainable urban development projects and initiatives that ensure inclusive energy access across various regions.

The report highlights how Masdar is shaping the future of clean energy by delivering impactful projects across key geographies. As an investor, developer, and operator globally, it aims to continue driving innovation within the clean energy sector while maintaining strong partnerships with governments and communities worldwide.

With inputs from WAM