Abu Dhabi Future Energy Company PJSC – Masdar, has unveiled its 12th Annual Sustainability Report, showcasing its reinforced status as a global leader in clean energy. Last year, the company saw unprecedented portfolio capacity growth and expanded its international presence through significant acquisitions in Europe and the US.
The report details Masdar’s advancements in sustainability, covering environmental performance, social impact, ethical practices, and workforce diversity. It also emphasizes Masdar’s leadership in green finance, particularly with its 2024 green bond program expansion.
Masdar achieved an impressive 62% portfolio growth, reaching an operational, under-construction, and advanced capacity of 51 gigawatts (GW), surpassing halfway to its 2030 goal of 100GW.
The capacity for operational and under-construction projects nearly doubled to 32.6GW, with existing projects producing 29,225 gigawatt-hours (GWh) of clean energy, reducing carbon emissions by 15.5 million tons.
Masdar’s growth in 2024 was propelled by significant acquisitions. In Europe, it acquired Greece’s TERNA ENERGY for €3.2 billion, enhancing its strategic expansion.
Additionally, Masdar acquired a 50% stake in Terra-Gen, a major US renewable energy producer. This portfolio will significantly contribute to Masdar’s global growth, fostering US-UAE energy cooperation for sustainable energy.
In the Iberian Peninsula, Masdar further expanded by acquiring Saeta for $1.4 billion and obtaining a 49% stake in a 2GW solar portfolio from Endesa S.A.
CEO Mohamed Jameel Al Ramahi stated, “2024 was pivotal for Masdar as we expanded into key markets, strengthened financial standings, and led responsible, inclusive growth initiatives.
As a global investor, developer, and operator, we are impacting key regions and shaping clean energy’s future. We remain committed to innovation and being a preferred partner for governments and communities worldwide.”
Masdar is dedicated to diversity and inclusion, with women making up 20% of its management. It also focuses on empowering local communities through sustainable development and inclusive energy initiatives.
