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- Masdar’s operational, under-construction and advanced pipeline capacity grew from 20GW to 51GW between 2022 and end of 2024.
- Landmark deals in Spain, Greece, and the United States also helped double Masdar’s portfolio capacity.
- Masdar deployed close to $8 billion in equity in 2024, in addition to raising over $4.5 billion of project financing across nine countries.
- The UAE clean energy leader successfully developed seven major projects worldwide and inaugurated the largest wind farm in Central Asia.
Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy leader – has announced that it has significantly increased its overall renewable energy capacity by 150 percent to 51GW by the end of 2024, up from 20GW in 2022. This achievement establishes Masdar as a global clean energy leader and is well on track to achieve its ambitious target of 100GW of renewable energy capacity by 2030.
Masdar’s operational, under construction and advanced pipeline capacity grew from 20GW to 51GW between 2022 and the end of 2024. It comes as Masdar’s portfolio of operational, under construction, and committed capacity also rose in just 12 months from 16.5GW to 32.6GW by end of 2024.
In 2024 alone, Masdar deployed close to $8 billion in equity investments and secured more than $4.5 billion of project financing across nine countries, enabling the development of projects totaling over 6.5GW of new capacity. These accomplishments reflect Masdar’s commitment to expanding its renewable energy portfolio while driving the global energy transformation.
Masdar’s growth was advanced by landmark acquisitions in Greece, Spain and the United States, strengthening the company’s presence in Europe and North America, as well as breaking ground on seven major projects worldwide. These included two BESS projects in the UK, two solar projects in Azerbaijan with a combined capacity of 760MW, and the 1.5GW Al Ajban Solar Project in the UAE.
Masdar also announced the financial close of six projects, including the 1.1GW Al Henakiyah Solar Power Plant and multi-utility AMAALA sustainable project in the Kingdom of Saudi Arabia, as well as 760MW solar projects Bilasuvar and Neftchala in Azerbaijan.
Additionally, Masdar signed a Power Purchase Agreement in December 2024 for the 2GW Sadawi project in Saudi Arabia, and inaugurated the 500MW Zarafshan Wind Farm in Uzbekistan, now the largest operation in Central Asia.
The company successfully issued its second green bond, raising $1 billion, with a 4.6x oversubscription underscoring strong investor confidence in Masdar’s vision and performance. It came after Fitch upgraded Masdar’s credit rating to AA- from A+, demonstrating the confidence in the health of the company’s finances.
Under the leadership of Dr. Sultan Ahmed Al Jaber, Masdar has grown into one of the world’s largest renewable energy companies, achieving a capacity of 51 GW in 2024, more than halfway to its 2030 target of 100 GW. This progress reflects a balanced strategy of smart acquisitions and project development, aligned with the UAE’s vision and global renewable energy goals.
CEO Mohamed Jameel Al Ramahi highlighted Masdar’s rapid growth, doubling its capacity in just two years and solidifying its position as a global renewables leader. Strategic acquisitions in the U.S., Spain, and Greece, along with major global project advancements, demonstrate Masdar’s commitment to accelerating the global energy transformation and setting new industry benchmarks.
Since its establishment in 2006, Masdar has been a key enabler of the UAE’s vision as a global leader in sustainability and climate action. The company has developed and partnered in projects in over 40 countries, with a mandate to increase its renewable energy portfolio capacity to 100GW by 2030.
