Masdar, the innovative company in sustainable energy solutions, reached another remarkable milestone in 2024, crossing over 51 gigawatts (GW) of renewable energy generation capacity. By doing this, the company is unflinchingly walking down the road to enable a sustainable future and is right on target for the ambitious 100 GW by 2030. In comparison to 20 GW in 2022, this means an increase of about 150 % in another census report published in 2024. The pace shown by Masdar underlines the company’s ready engagement in the global energy transition.
Masdar’s Renewable Energy Milestone
Through its achievement of the 2024 mark, Masdar redefines the edge in the uplift of renewable energy. The firm has integrated running projects, active construction works, and an extensive pipeline of projects as its signature into being a world-class clean energy innovator. Over the course of the previous year, this operational and committed renewables project portfolio saw a remarkable increase from 16.5 GW to 32.6 GW.
Astonishingly, Masdar still maintains superiority in managing mega-scale energy projects, thus mitigating the surging demand for clean power around the globe. Masdar is still at the forefront with bold investments and co-ordinates perfectly to take up the renewable energy landscape.
Aggressive Strategic Projects Drive Global Expansion
Masdar’s moves are backed by the company’s capability to find and start game-changing projects across multiple geographies. It differentiated itself in the portfolio of investments with an equity commitment of almost $8 billion in 2024, teamed with over $4.5 billion in project finance, and added over 6.5 GW of new capacity through all these nine countries.
These include the battery energy storage systems of both the United Kingdom and two solar developments in Azerbaijan with an aggregated capacity of 760 MW. Masdar’s competence in executing large-scale renewable installations is further embodied in projects like the Al Ajban Solar Project in UAE, having a capacity of 1.5 GW.
Further cementing its global presence, Masdar achieved financial closure for six pivotal projects in 2024. These include the 1.1 GW Al Henakiyah Solar Power Plant, the multi-utility AMAALA sustainable project in Saudi Arabia, and solar projects in Bilasuvar and Neftchala, Azerbaijan, totalling 760 MW.
Innovative Financing and Sustainable Commitments
This has been the most prominent feature that has defined their success in their projects. The company issued its second green bond in April 2024, raising a total of $1 billion in support of its renewable initiatives. This reflects Masdar’s long-term commitment to sustainable financing, linking economic development with environmental responsibility.
Masdar’s leadership has further contributed to its success. At the end of 2024, Masdar signed a power purchase agreement for Saudi Arabia’s 2 GW Sadawi project and inaugurated the 500 MW Zarafshan Wind Farm in Uzbekistan. Each project takes a step forward in pursuing Masdar’s objective to engineer a break in existing worldwide energy systems.
Masdar’s focus on sustainability and innovation coincides with global goals to combat climate change. Its pledging of leadership in energy transformation lies in a growing commitment to UAE Consensus as well as the global aim to triple renewable energy capacity by 2030. Dr Sultan Ahmed Al Jaber, chair of Masdar, has given top priority to this mission, stating that it works to accelerate energy solutions that underpin sustainable progress for all.
As Masdar draws closer to its ambition, which is now 100 GW, an even clearer vision of a cleaner and more sustainable future becomes apparent. By means of a series of strategic investments, global partnerships, and transformative projects, Masdar is building a foundation for the restructuring of energy systems.
Masdar’s Green Journey
The achievement of 51 GW in renewable energy capacity is a significant milestone, but it is only the beginning for Masdar. By scaling its operations and diversifying its portfolio, the company is well-positioned to meet its ambitious target of 100 GW by 2030. This success will benefit Masdar and aid the global shift towards sustainable energy, supporting international climate goals and fostering economic resilience.
Masdar’s unwavering focus on innovation and sustainability ensures its continued growth and influence in the renewable energy sector.
