Masdar, Abu Dhabi Future Energy Company, has released its 2024 Annual Sustainability Report, highlighting a year of record-breaking growth, strengthened ESG credentials, and landmark clean energy investments worldwide.
Global Expansion and Capacity Growth
Masdar reported a 62% expansion in its clean energy portfolio in 2024, pushing total capacity to 51 gigawatts across more than 40 countries. The company is now over halfway toward its 100GW target by 2030. Key milestones included acquisitions in Greece (Terna Energy), Spain (Saeta Yield), and the United States (Terra-Gen), alongside major projects such as the 2GW Al Ajban Solar plant in the UAE and Central Asia’s largest wind farm (500MW Zarafshan, Uzbekistan).
Financing the Clean Energy Transition
The year saw strong investor confidence with Masdar’s $1 billion green bond issuance, oversubscribed by 4.6 times. Overall, the company deployed $8 billion in equity and secured $4.5 billion in non-recourse debt to fund new renewable projects. Fitch Ratings upgraded Masdar to AA-, while Sustainable Fitch awarded an ESG Entity Rating of 2 (71/100).
Innovation and Sustainability Integration
Masdar advanced its green hydrogen portfolio, signing six joint development agreements in 2024, and continued its push in battery energy storage, including the world’s largest combined solar-plus-storage project in Abu Dhabi. On the environmental front, the company introduced AI-powered IdentiFlight technology at its Zarafshan wind project, preventing bird collisions and marking the world’s largest deployment of automated shutdown-on-demand systems.
ESG, Diversity and Community Impact
Sustainability remained central to Masdar’s operations, with 22 million tonnes of CO₂ emissions avoided in 2024. The company emphasized diversity, with women now holding 20% of management roles, and strengthened supply chain accountability by mandating ESG reporting and training for direct suppliers. Masdar also completed 54 CSR projects across the UAE, Serbia, Uzbekistan, and Azerbaijan, while its flagship platforms – Abu Dhabi Sustainability Week, WiSER, and the Zayed Sustainability Prize – continued to engage global stakeholders.
Outlook
Looking ahead, Masdar plans to scale up standalone battery storage systems and green hydrogen financing, with a new green bond issuance expected in 2025. With its shareholders TAQA, ADNOC, and Mubadala, the company remains firmly positioned to accelerate the global clean energy transition.
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