"source" It strengthens its global presence in the clean energy sector with qualitative deals and projects

ABU DHABI, December 29 / WAM / During the Year of Sustainability 2024, Abu Dhabi Future Energy Company “Masdar” strengthened its global presence in the clean energy sector, in line with the vision of the wise leadership aimed at enhancing reliance on clean energy sources and spreading renewable energy solutions.

Masdar achieved exceptional success during the year 2024 in developing and deploying renewable energy and green hydrogen technologies to meet global sustainability challenges. It invested in a group of huge projects around the world, signed many fruitful agreements, and recorded an important participation in the Conference of the Parties (COP29) in the Azerbaijani capital. Baku organized prominent events during the World Future Energy Summit held in Abu Dhabi, while it prepares to host Abu Dhabi Sustainability Week during the period from January 12 to 18, 2025, marking the first event on the global sustainability agenda during the coming year.

These efforts come within the framework of Masdar’s aspirations to increase its production capacity to reach 100 gigawatts by 2030, and to become a leading producer of green hydrogen by the same year.

Mohamed Jameel Al Ramahi, CEO of Masdar, said that the company has achieved notable achievements during 2024, and has consolidated its position in the field of clean energy at the regional and global level through concluding important strategic partnerships and acquiring quality projects with commercial feasibility that effectively contribute to enhancing the energy mix and supporting… Sustainable economic and social development.

He pointed out that “Masdar” is working to achieve a qualitative shift in the energy sector by investing in renewable energy solutions and projects that support the goals of tripling the global capacity for renewable energy, in line with the historic “UAE Agreement” reached during the Conference of the Parties.” COP28″.

Al Ramahi stressed that Masdar is taking confident steps towards achieving its goals and enhancing its project portfolio spread around the world, as the company has succeeded in achieving a noticeable increase in the total production capacity of its project portfolio over the past two years to exceed 30 gigawatts.

During the current year, Masdar concluded a group of investment deals with the aim of strengthening its portfolio of projects spread around the world and expanding the scope of its operations, through which it acquired major international companies and projects in the field of renewable energy. Last March, Masdar announced the signing of a final agreement to acquire a 50% stake. % in Terra-Gen Power Holdings, one of the largest independent renewable energy companies in the United States, from Energy Capital Partners.

In Greece, Masdar completed the acquisition of 70% of Terna Energy SA, which has a project portfolio with a total capacity of 1.2 GW and aims to reach 6 GW by 2029.

It also acquired the company “Saita Yield” from Brookfield Renewable Company for an enterprise value of 4.6 billion dirhams. The deal includes a diversified portfolio of projects, most of which are in the field of wind energy, with a total capacity of 745 megawatts, including assets of wind energy projects in Spain and Portugal, and assets Solar PV projects in Spain.

“Masdar” and “Endesa” completed a partnership agreement aimed at developing renewable energy projects in Europe, whereby “Masdar” acquired a 49.99% stake in the assets of “EGPE Solar” for an enterprise value of 3.1 billion dirhams, which is… One of the largest renewable energy deals in Spain.

EGPE Solar is part of Endesa, a subsidiary of the Enel Group, and has a portfolio of solar PV projects with a capacity of 2 GW in operation in Spain.

Masdar also completed its acquisition of a 49% stake in the 3 GW Dogger Bank South wind power project, which includes one of the largest offshore wind power plants planned to be developed in the world, and in which Masdar is investing in partnership with RWI. “, a leading renewable energy company headquartered in Germany.

The company issued its second green bond, worth 3.6 billion dirhams, with subscription requests for the bonds exceeding 4.6 times, reflecting the great confidence of investors, after the company’s first successful issuance last year.

In line with Masdar’s credit rating, the second bond issue was rated “AA-” by Fitch and “A2” by Moody’s.

Fitch had raised Masdar’s credit rating by one notch to “AA-“, giving it a stable future outlook, in recognition of the company’s financial strength and the support it receives from joint-stock companies, which is evident in its major role in financing Masdar’s ambitious projects. .

In terms of project development, Masdar laid the foundation stone and launched seven projects, including the development of two energy storage battery systems projects in the United Kingdom, two solar energy projects, an onshore wind energy project with a total capacity of 1 gigawatt in Azerbaijan, and the Al Ajban solar power station project with a capacity of 1.5 Gigawatts. gigawatts in the UAE, in addition to the inauguration of the 500 MW Zaravshan wind power plant in Uzbekistan, which is considered the largest of its kind in Central Asia.

Masdar, the “best bidder” company, was chosen to implement the sixth phase of the Mohammed bin Rashid Al Maktoum Solar Complex using photovoltaic solar panel technology according to the Independent Energy Producer system, at a cost of about 5.5 billion dirhams.

This phase will provide clean energy to about 540,000 homes, and upon completion will contribute to reducing 2.36 million tons of carbon emissions annually.

In terms of green hydrogen projects, Masdar announced last October its success in completing the development of a pilot project for producing sustainable steel using green hydrogen, in cooperation with the Emsteel Group, the largest listed company for manufacturing iron and building materials in the UAE.

“Masdar” and its CEO joined the Board of Directors of the “Hydrogen Council”, making her the first member of the Council from the Middle East region and constituting an important addition that enhances the diversity of this global organization led by CEOs from around the world, who are committed to providing effective visions and taking steps that contribute to the development of the sector. Hydrogen to support the transformation process in the global energy sector.

The company is preparing to hold Abu Dhabi Sustainability Week from January 12 to 18, 2025, which focuses on accelerating economic, social and environmental development efforts.

As the first event on the global sustainability agenda during the year, Abu Dhabi Sustainability Week 2025, which is held under the title “Integrating Sectors for a Sustainable Future,” represents a platform to unite the efforts of the global business community and policy makers by finding solutions to the most prominent sustainability challenges facing the world by focusing on highlighting the importance of achieving The interconnection between advanced technologies, especially artificial intelligence, the energy sector and human expertise in driving sustainable development.

The 2025 edition of Abu Dhabi Sustainability Week brings together global leaders, innovators and policy makers, with the aim of finding solutions to the most prominent challenges facing the world by employing advanced technologies, climate technology, and innovations that support the circular economy, among others.

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