Masdar’s renewable portfolio rises 40% in 2021

Its electricity generation capacity increased to over 15GW last year from 10.7GW.

United Arab Emirates-based renewable energy firm Masdar posted a 40% increase in its clean energy portfolio in 2021.

In a statement, Masdar said the electricity generation capacity of all the projects it has invested in, both installed and under development, has increased to over 15 gigawatts (GW) in 2021 from 10.7 GW, citing its 2021 Annual Sustainability Report.

It added that its operating clean energy portfolio averted almost 7.5 million tonnes of carbon dioxide last year, which is a 38% increase from 2020.

The company in 2021 entered new markets including Azerbaijan, Armenia, Georgia, Greece, Iraq, and Poland, bringing its investment in renewables to over 40 countries worth more than $20b.

In December last year, it announced that it will partner with UAE’s energy giants, ADNOC, TAQA, and Mubadala to form a clean energy powerhouse under the Masdar brand with a combined current, committed and exclusive capacity of more than 23GW of renewable energy and is expected to reach over 100GW.

CEO Mohamed Jameel Al Ramahi said the company is able to continue to contribute to UAE’s net-zero carbon goals. The country launched its Net Zero by 2050 Strategic Initiative in October last year.

“Masdar and our sustainability mission will scale even greater heights going forward. With our new shareholders and structure in place, we are looking to significantly grow our global clean energy capacity,” the CEO said.

“In doing that, we pledge to further strengthen our (environmental, social, and governance) credentials while increasing our contribution to the United Nations Sustainable Development Goals in line with the UAE’s own efforts,” he added.