"source" It achieves growth in its project portfolio by 62% during 2024

Abu Dhabi, August 20/ WAM/ Abu Dhabi Future Energy Company “Masdar” announced the issuance of the twelfth annual sustainability report, which highlights the continuation of its pioneering role in the global clean energy sector, and achieve record growth in the volume of the production capacity of its global project portfolio, as well as expanding its presence in global markets through the completion of prominent acquisition deals in Europe and the United States of America.
The report highlights the company’s continued growth and achievement of more progress in the main areas of sustainability, which include environmental performance, social impact, and moral approach in business practices, and diversity in working cadres, as the report confirms the leadership of a “source” in the field of sustainable financing, especially with the expansion of the green bond program during the year 2024.
And “Source” achieved a record growth in its project portfolio of 62% during the past year, as the total capacity of its projects was under operation, construction and planning for its development of 51 GW, equivalent to achieving more than 50% of the goal set by the company for the year 2030.
The total capacity of projects under construction and construction also multiplied to 32.6 GW, while projects are operating in operation 29,225 GWh of clean electricity, to contribute to avoiding the emission of 15.5 million tons of carbon dioxide.
Source witnessed remarkable growth during the year 2024, driven by prominent strategic acquisitions.

At the level of its expansion in the European market, a “source” acquired the Greek company “Tirna Energy” with a total institutional value of 3.2 billion euros.

It also acquired a 50% stake in the company “Tira-Jin”, which is one of the largest independent renewable energy companies in the United States, where it is expected that the “Tira-Jin” portfolio will play a pivotal role in enhancing the growth of the productive capacity of the “Masdar” projects, and this investment will contribute to strengthening cooperation between the UAE and the United States and accelerating its pace, in line with the strategic partnership between the two countries aimed at providing energy Reliable, sustainable at an appropriate cost.
In the Iberian Peninsula, one of the main European markets, the source of its presence expanded by acquiring the company “Sita” for $ 1.4 billion, in addition to its acquisition of a 49% stake in the wallet of solar energy projects under operation with a capacity of 2 GW owned by Indesa.
Mohamed Jamil Al -Ramahi, CEO of “Masdar”, said that “Masdar” continues to establish its position and enhance its leadership role in the clean energy sector at the global level, in 2024 prominent stations in its march, as the company expanded its projects in the main global markets, strengthened its financial capabilities, and led strategic initiatives that embody its commitment to achieving sustainable comprehensive development.

As an investor, developer and global operator, Source is working on a tangible impact in many vital areas, as well as its active role in formulating the future of clean energy, and the company will continue to support innovation and devote its position as a reliable partner for governments and societies around the world.
In the context of its keenness to enhance diversity and inclusiveness and develop leadership competencies, “Masdar” is committed to enhancing the representation of women in higher positions, where women today constitute 20% of the company’s management team, and continues to commit to enabling local communities that work within it through developing sustainable urban development projects and launching initiatives that allow energy saving for all.

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