Masdar reports record 62% portfolio capacity growth in 2024
ABU DHABI, UAE, 20 August 2025: Abu Dhabi Future Energy Company (Masdar) has released its 12th Annual Sustainability Report, highlighting record portfolio capacity growth of 62% in 2024 and the expansion of its global footprint through acquisitions in Europe and the United States. Making the announcement through a Press Release, Masdar highlighted its continued progress in key sustainability areas, including environmental performance, social impact, ethical business practices and workforce diversity. Through the report, it also reinforced its leadership in sustainable finance, with the expansion of its green bond programme in 2024.
Masdar said it achieved a record portfolio growth of 62% last year, with its operational, under-construction and advanced pipeline capacity reaching 51 GW, more than halfway to the company’s 2030 target of 100 GW. The company said the total capacity for operational and under-construction projects almost doubled to 32.6 GW, with operational projects generating 29,225 GWh of clean electricity, avoiding 15.5 million tonnes of carbon dioxide equivalent.
Masdar said its global expansion was supported by landmark acquisitions in 2024. With the company’s expansion in Europe, Masdar acquired Greece’s TERNA ENERGY for a total enterprise value of EUR 3.2 billion. Masdar said it also acquired a 50% 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 company said. The investment will also accelerate collaboration between the United States and the UAE, in alignment with their strategic energy partnership for reliable, affordable and sustainable energy, the company added. In the Iberian Peninsula, another core European market, Masdar said it expanded further by acquiring Saeta for USD 1.4 billion and securing a 49% stake in a 2 GW operating solar portfolio from Endesa S.A.
Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar, said: “As Masdar continues to evolve as a global clean energy leader, 2024 marked a defining chapter in our journey, as we expanded our presence in key global markets, strengthened our financial credentials and drove initiatives that reflect our commitment to responsible growth and inclusive progress. As a global investor, developer, and operator we are delivering impact at scale across key geographies and helping to shape the future of clean energy. We will continue to drive innovation in the clean energy sector and reinforce our position as a partner of choice for governments and communities across the globe.”
Masdar said its second green bond issuance in July 2024 was again met with strong global demand, being 4.6 times oversubscribed, reaffirming widespread investor confidence in the company’s long-term strategy and ESG credentials. Masdar said it also received a credit rating upgrade to AA- from Fitch Ratings and an ESG Entity Rating of 2 from Sustainable Fitch, with a 71/100 score, reflecting its good ESG performance and the green nature of its assets.
Masdar said that aligned with its focus on diversity, inclusion and leadership development, it is committed to promoting a strong female representation in management, with women now comprising 20% of its management team. The company said it is also steadfast in its approach to empowering local communities through sustainable urban development and inclusive energy-access initiatives across its projects.
Beyond power generation, Masdar said, its projects create jobs in local communities, support economic growth and protect wildlife ecosystems. As an example of its commitment to biodiversity, the company said it is utilising Identiflight AI technology at its Zarafshan wind project in Uzbekistan, helping to protect bird species through advanced flight pattern monitoring and risk reduction, marking the first such deployment in Asia.