30 billion dirhams, source investments in 2024 … and new projects in 9 countries
Abu Dhabi, March 23 / WAM / Abu Dhabi Future Energy Company, “Source”, established its pioneering position in the global clean energy sector by investing about 30 billion dirhams in acquisition deals during the past year, and collecting financing with a value of more than 16.5 billion dirhams for new projects in 9 countries, which reflects its commitment to expanding its wallet for renewable energy and contributing effectively to supporting global efforts to achieve a qualitative shift in energy systems.
Source, since its establishment in 2006, has contributed to a pioneering role in the advancement of the clean energy sector, and it also plays a prominent role in supporting the UAE’s vision to consolidate its global leading state in the field of sustainability and climate action.
Source is currently active in more than 40 countries distributed on 6 continents, where they have invested and adhered to investing in projects around the world and targeting a project portfolio whose total production capacity exceeds 100 GW by 2030 with aspirations to double this in the following years.
A source contributes to accelerating the pace of development and supporting the UAE’s commitment to becoming the largest developer, owner and operator of renewable energy and green hydrogen in the world, and supporting countries around the world to achieve their plans for climate neutrality while increasing the productive capacity of its project portfolio to 51 GWh by the end of 2024.
Masdar worked to expand the scope of its project portfolio and increase its production capacity through the implementation of important acquisition deals in Greece, Spain and the United States of America, to enhance its presence in the markets of Europe and North America, as well as laying the foundation stone for seven major projects around the world, including two projects for power storage batteries in the United Kingdom, and two solar energy projects in Azerbaijan with a total capacity It is 760 MW, and a Solar Energy Project in the Al -Ajaban area of the UAE with a capacity of 1.5 GW.
“Masdar” also announced the financial closure of six projects, which included the Hanakiya Station for Solar Energy with a capacity of 1.1 GW, and the sustainable “Amala” project in the Kingdom of Saudi Arabia, in addition to the “Bellasovar” and “Nafshala” solar energy projects with a capacity of 760 MW in Azerbaijan, and the signing of an energy purchase agreement last December for the Sadawi project with a capacity of 2 GB in the Kingdom of Saudi Arabia, and the inauguration of the “Zarfashan” wind power station with a capacity of 500 MW in Uzbekistan, and it is now the largest station of its kind in operation in Central Asia.
In terms of green hydrogen projects, “Masdar” works to develop advanced programs that support the construction of the green hydrogen economy, which will be an important pillar of energy transformation and a future energy source that supports global carbon removal efforts.
The “green hydrogen source” aims to produce one million tons of green hydrogen annually by 2030, as it adopts the “smart leadership” approach through development and investment in strategic projects and building canable platforms in the main markets.
This would support global efforts to remove carbon in parallel with the support of the UAE’s efforts to achieve climate neutrality and create a great value for the Emirate of Abu Dhabi by diversifying the economy by developing the local green hydrogen industry.
Source successfully completed the development of the experimental project to produce sustainable steel using green hydrogen, in cooperation with the “Emstil” group, the largest listed company for the manufacture of iron and building materials in the Emirates, as well as a source cooperating with “Daimler Track”, one of the world’s leading companies in the manufacture of commercial vehicles, to explore the feasibility of exporting LNG hydrogen from Abu Dhabi to Europe by 2030.
A source is cooperating with the “CMA -CGM” group, the global company specialized in the field of marine, land, air and logistical solutions, to supply green maritime transport in order to provide the ships of the “CMA -CGM” fuel. “Source” also cooperates with “Total Intertez” with the aim of assessing the feasibility of developing a commercial project to convert hydrogen to “methanol” and then into sustainable flight fuel.
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