PHOTO
UAE’s renewables company Masdar expanded its overall renewable energy capacity by 150 percent to 51 gigawatt (GW) by 2024, up from 20 GW in 2022.
The company has set a target of 100 GW renewable energy capacity by 2030.
Operational, under construction and advanced pipeline capacity grew from 20 GW to 51 GW between 2022 and 2024, Masdar said in a statement.
In the past 12 months, the operational, under construction and committed capacity portfolio rose from 16.5 GW to 32.6 GW by 2024-end.
Masdar deployed nearly $8 billion in equity investments and secured more than $4.5 billion of project financing across nine countries in 2024. These funds backed more than 6.5 GW of new capacity.
Masdar strengthened its presence in Europe and North America with acquisitions in Greece, Spain and the US. 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. In addition, the company announced a financial close for six projects.
Since its establishment in 2006, the Abu Dhabi-based company has developed and partnered in projects in over 40 countries.
(Writing by P Deol; Editing by Anoop Menon)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
