Masdar’s renewable energy capacity surges to 51 GW in 2024

This makes the company on track to its 100 GW goal by 2030.

Masdar has reported a total renewable energy capacity of 51 gigawatts (GW) by the end of 2024, a 150% increase from 20 GW in 2022.

In a statement, the Abu Dhabi-based energy firm said this number includes its operational, under construction, and advanced pipeline of projects. It comes as Masdar's portfolio of operational, under construction, and committed capacity also rose in 12 months from 16.5 GW to 32.6 GW by end of 2024.

In 2024 alone, Masdar deployed close to $8b in equity investments and secured more than $4.5b of project financing across nine countries for the development of over 6.5 GW of new capacity.

Its new projects include two battery energy storage projects in the UK, two solar projects in Azerbaijan with a combined capacity of 760 megawatts (MW), and the 1.5 GW Al Ajban Solar Project in the UAE.

The company also reached financial close for six projects, including the 1.1 GW Al Henakiyah Solar Power Plant and multi-utility AMAALA sustainable project in the Kingdom of Saudi Arabia, as well as 760 MW solar projects Bilasuvar and Neftchala in Azerbaijan.

Masdar signed a power purchase agreement in December 2024 for the 2 GW Sadawi project in Saudi Arabia, and inaugurated the 500 MW Zarafshan Wind Farm in Uzbekistan.

The company also raised $1b through the issuance of its second green bond.

“We are committed to the UAE Consensus and the global target of tripling renewable energy capacity by 2030 in our mission to supercharge the global energy transformation and ensure sustainable progress for all,” said Dr Sultan Ahmed Al Jaber, chairman of Masdar.