Abu Dhabi Future Energy Company PJSC – Masdar has released its 12th Annual Sustainability Report, highlighting how the company bolstered its position as a global clean energy leader last year. It achieved record portfolio capacity growth and expanded its global reach through major acquisitions in Europe and the United States.
Masdar’s Sustainability Report emphasizes the company’s ongoing progress in critical sustainability areas, including environmental performance, social impact, ethical business practices, and workforce diversity. It also underscores Masdar’s leadership in sustainable finance with the expansion of its green bond program in 2024.
Masdar achieved a record portfolio growth of 62 percent last year, with its operational, under-construction, and advanced pipeline capacity reaching 51 gigawatts (GW), more than halfway to the company’s 2030 target of 100GW.
Total capacity for operational and under-construction projects almost doubled to 32.6GW, with operational projects generating 29,225 gigawatt-hours (GWh) of clean electricity, avoiding 15.5 million tonnes of carbon dioxide equivalent.
Landmark acquisitions fueled Masdar’s growth in 2024. With its strategic expansion in Europe, Masdar acquired Greece’s TERNA ENERGY for a total enterprise value of €3.2 billion.
Masdar also acquired a 50 percent stake in Terra-Gen, one of the largest independent renewable energy producers in the United States. Terra-Gen’s portfolio will play a key role in driving Masdar’s global capacity growth. The investment will also accelerate collaboration between the US and the UAE, aligning with their strategic energy partnership for reliable, affordable, and sustainable energy.
In the Iberian Peninsula, another core European market, Masdar expanded further by acquiring Saeta for US$1.4 billion and securing a 49 percent stake in a 2GW operating solar portfolio from Endesa S.A.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, stated, “As Masdar continues to evolve as a global clean energy leader, 2024 marked a defining chapter in our journey. We expanded our presence in key global markets, strengthened our financial credentials, and drove initiatives reflecting our commitment to responsible growth and inclusive progress.
As a global investor, developer, and operator, we are delivering impact at scale across key geographies and helping shape the future of clean energy. We will continue to drive innovation in the clean energy sector and reinforce our position as a partner of choice for governments and communities across the globe.”
Aligned with its focus on diversity, inclusion, and leadership development, Masdar is committed to promoting strong female representation in management, with women now comprising 20 percent of its management team. It is also steadfast in its approach to empowering local communities through sustainable urban development and inclusive energy access initiatives across its projects.
