Masdar, the UAE’s clean energy leader, has increased its renewable energy capacity by 150 percent, reaching 51GW by the end of 2024, up from 20GW in 2022, positioning itself as a global leader in clean energy and on track to achieve its 100GW target by 2030.
In 2024, Masdar deployed close to $8 billion in equity investments, secured over $4.5 billion in project financing across nine countries, and developed projects totaling 6.5GW of new capacity.
Acquisitions in Greece, Spain, and the United States bolstered Masdar’s presence in Europe and North America.
Projects included the 1.5GW Al Ajban Solar Project in the UAE and two solar projects in Azerbaijan totaling 760MW.
Significant achievements in 2024 included the financial close of six major projects, the inauguration of the 500MW Zarafshan Wind Farm in Uzbekistan, and a Power Purchase Agreement for the 2GW Sadawi project in Saudi Arabia.
Masdar issued its second green bond, raising $1 billion with strong investor confidence, and Fitch upgraded its credit rating to AA-.
Chairman Dr. Sultan Ahmed Al Jaber emphasized Masdar’s balanced growth strategy and commitment to tripling renewable energy capacity globally by 2030.
CEO Mohamed Jameel Al Ramahi highlighted Masdar’s bold ambitions, strategic actions, and achievements in doubling capacity in two years, cementing its reputation as a global clean energy leader.
Established in 2006, Masdar has developed projects in over 40 countries and remains a key enabler of the UAE’s vision for sustainability and climate action.