Masdar achieves record portfolio growth of 62 per cent last year

Abu Dhabi Future Energy Company - Masdar, has released its 12th Annual Sustainability Report which highlights how the company strengthened its position as a global clean energy leader last year, delivering record portfolio capacity growth and increasing its global footprint through major acquisitions in Europe and the United States.

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Masdar's Sustainability Report highlights the company's continued progress in key sustainability areas, including environmental performance, social impact, ethical business practices, and workforce diversity. It also reinforces Masdar's leadership in sustainable finance with the expansion of its green bond programme in 2024.

Masdar achieved a record portfolio growth of 62 per cent 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 IOOGW.

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 per cent 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 in alignment with their strategic energy partnership for reliable, affordable and sustainable energy.