Masdar’s Remarkable 2024: Redefining Renewable Energy Leadership
Masdar has solidified its position as a global leader in renewable energy, driving transformative progress in a world that increasingly demands sustainable solutions. In 2024, the company achieved significant milestones, cementing its role as a leader in the global energy transformation and setting new benchmarks for growth, innovation and impact. With a bold vision, Masdar continues to demonstrate what is possible when ambition meets action.
In its Annual Sustainability Report published in mid-2024, Masdar highlighted that its capacity had increased significantly. This milestone is a testament to Masdar’s ability to scale solutions that meet the growing global demand for clean energy. At a time when the world is grappling with the impacts of climate change, this achievement underscores Masdar’s commitment to driving meaningful change on a global scale.
This growth has been driven by strategic investments in key markets worldwide. In the United States, Masdar acquired a 50 percent stake in Terra-Gen, one of the country’s largest independent renewable energy producers. This landmark acquisition has not only strengthened Masdar’s presence in North America but also reinforced its commitment to solidifying its operations across geographies.
In Greece, Masdar secured a majority share in TERNA ENERGY, a clean energy leader, in a transaction that marked the largest energy deal ever on the Athens Stock Exchange.
In Spain, Masdar continued its European expansion through a strategic partnership with Endesa and the acquisition of Saeta Yield, adding 2.5GW of renewable energy assets to its portfolio.
Masdar has developed and partnered in projects in more than 40 countries across six continents, those of which generated an impressive 26,702GWh of clean energy in 2023—enough to power millions of homes. Just as importantly, its projects avoided 14 million tonnes of CO2 emissions.
These accomplishments are not just the result of financial investment but also the outcome of innovative strategies in sustainable financing. This year, Masdar issued its second Green Bond, valued at USD$1 billion. The proceeds from this issuance are being directed towards meeting its equity funding commitments for new greenfield projects. It comes a year after its first $750 million Green Bond issuance, where proceeds of a total $653 million were allocated towards fulfilling renewable energy projects in the UAE, Uzbekistan and Azerbaijan.
Sustainability and profitability are not mutually exclusive
Masdar’s leadership in sustainable financing is setting an important example for the global financial community. By demonstrating how green bonds can drive both environmental and economic returns, the company is showing that sustainability and profitability are not mutually exclusive. This approach is particularly critical as investors increasingly prioritize ESG (environmental, social, and governance) principles in their decision-making processes.
Beyond financing, Masdar is breaking new ground in the realm of innovation. In 2024, the company successfully inaugurated the first project in the MENA region to produce green steel using green hydrogen. This groundbreaking initiative, developed in collaboration with EMSTEEL, underscores the transformative potential of hydrogen in decarbonizing industries such as steel manufacturing.
Re-shaping the energy landscape
By demonstrating the possibilities of the emerging green hydrogen sector, Masdar is not only helping to reshape the energy landscape but is addressing the broader challenge of reducing emissions across carbon-intensive industries. This year, Masdar was also elected to the Board of the Hydrogen Council, where the company will play an active role in helping to define the trajectory of this nascent industry.
Offshore wind energy also continues to be a key technology focus area for Masdar in 2024. The company achieved major milestones, including the installation of all 50 turbines at Baltic Eagle in Germany, one of Europe’s most iconic offshore wind projects.
In Azerbaijan, Masdar signed agreements at COP29 in Baku to develop up to 3.5GW of offshore wind capacity in the Caspian Sea, further diversifying its portfolio and showcasing its ability to introduce advanced renewable energy technologies in new markets. These achievements highlight Masdar’s commitment to advancing renewable energy in all its forms, from solar and wind to emerging technologies like hydrogen.
However, Masdar’s impact reaches beyond its core business operations, creating ripple effects that extend into communities and ecosystems. While focused on delivering profitable, scalable renewable energy solutions, the company recognizes the broader value its projects bring. From creating jobs and supporting local economies to reducing environmental footprints and enabling sustainable development, Masdar’s initiatives are designed to generate lasting benefits.
In Indonesia, for example, training programs equip local communities with skills for growing the green economy, fostering resilience and unlocking opportunities for individuals and families. These efforts reflect Masdar’s belief that sustainability is not just about clean energy – it’s about empowering people and enhancing the environments in which they live.
Global influence
Masdar’s influence is also felt on the global stage. This year, the company played a leading role at COP29, where it represented the UAE and advanced discussions on key renewable energy initiatives. Among the highlights was the milestone agreement to develop a 1GW wind farm in Uzbekistan, as well as an agreement to forge ahead with its inaugural wind farm in Kazakhstan.
Both projects are poised to significantly contribute to regional energy security and decarbonization efforts. Through its active participation in such global forums, Masdar continues to drive the global energy agenda and foster collaboration among key stakeholders to accelerate impactful action.
The company’s success is deeply rooted in the vision of the UAE, a nation that has positioned itself as a global leader in transforming energy systems. The UAE’s ambitious initiatives, such as the Energy Strategy 2050 and the Net Zero by 2050 Strategic Initiative, demonstrate how economic growth and environmental stewardship can coexist. As the UAE’s flagship renewable energy company, Masdar plays a crucial role in delivering these national commitments while exporting the UAE’s vision to the world.
Masdar’s achievements in 2024 mark a pivotal step forward in the company’s ambitious journey to redefine the future of energy.
With a target of achieving 100GW of renewable energy capacity by 2030, Masdar is positioned to play a central role in shaping the next phase of the global energy transformation. Meeting this goal will require not only continued innovation but also unprecedented levels of collaboration across governments, businesses, and other stakeholders. Platforms like Abu Dhabi Sustainability Week (ADSW) and the World Future Energy Summit (WFES) provide valuable opportunities to foster these partnerships and accelerate progress.
The story of Masdar is one of ambition and progress. In a year of global challenges, Masdar’s achievements provide invaluable insights into overcoming obstacles and driving forward energy transformation. By blending visionary leadership with cutting-edge innovation and a commitment to global collaboration, Masdar is shaping a future where clean energy drives progress, prosperity and benefits communities worldwide.
