Masdar has announced that it has significantly increased its overall renewable energy capacity by 150% to 51GW by the end of 2024, up from 20GW in 2022.
This achievement establishes Masdar as a global clean energy leader and well on track to achieving its ambitious target of 100GW of renewable energy capacity by 2030, the UAE-based developer said.
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 US$8bn in equity investments and secured more than US$4.5bn of project financing across nine countries, enabling the development of projects totalling 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 PPA 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 US$1bn, 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.
Sultan Ahmed Al Jaber, chairman of Masdar, said: “With the steadfast support of the UAE Leadership, Masdar has grown over the last two decades from a pioneer in clean energy to one of the world’s biggest renewable energy companies.
“In 2024, we made significant progress by increasing our overall capacity to 51GW, more than half-way to meeting our 100GW by 2030 target.
“This is testament to a balanced growth strategy combining smart acquisitions and project development in our bid to become the world leader in clean energy.
“We are committed to the UAE Consensus and the global target of tripling renewable energy capacity by 2030 in our mission to supercharge the global energy transformation and ensure sustainable progress for all.”