Abu dhabi: Abu Dhabi Future Energy Company PJSC - Masdar is marking 20 years of leadership in renewable energy, highlighting its role in advancing renewable energy globally. Founded by President His Highness Sheikh Mohamed bin Zayed Al Nahyan on 23rd April 2006, through Mubadala Investment Company (Mubadala), Masdar was built with a clear mandate: diversify the UAE's economy and accelerate the global deployment of renewable energy.
According to Emirates News Agency, two decades on, Masdar is one of the world's largest renewable energy developers and operators, with a portfolio capacity exceeding 65 gigawatts (GW) and an ambitious target of 100GW by 2030. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Masdar's founding CEO, emphasized the foresight in investing in renewable energy when technologies were nascent and the economics were unproven. He noted that the vision of His Highness Sheikh Mohamed bin Zayed Al Nahyan was not limited to what renewables were but extended to what they could become, setting trends rather than following them.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, highlighted the UAE's ambition and foresight as key drivers of Masdar's growth over the past 20 years. The company has thrived by anticipating the rise in clean power demand and focusing on economic diversification. Through partnership, innovation, and investment, Masdar has expanded into a global entity, actively contributing to the development and deployment of clean energy solutions worldwide.
Masdar's journey began with a single solar plant in Masdar City in 2009 and has since delivered ambitious renewable energy projects, such as the 2GW Al Dhafra solar plant, the world's largest single-site solar facility upon its completion in 2023. From a handful of employees in 2006, Masdar now employs over 1,100 people across 12 countries, with projects spanning continents and technologies, including the world's first floating offshore wind farm in Scotland and Southeast Asia's largest floating solar project in Indonesia.
In 2022, Masdar restructured its ownership with Abu Dhabi National Energy Company (TAQA), Mubadala, and Abu Dhabi National Oil Company (ADNOC) becoming joint shareholders. Recent acquisitions in Spain, the United States, and Greece have solidified Masdar's status as a global clean energy leader. The company is redefining renewables with projects like the world's first gigascale integrated renewable energy project in Abu Dhabi, a solar plant paired with a battery system to provide uninterrupted baseload power.
Masdar is committed to global expansion and advancing energy transformation. This month, it signed a binding agreement with France's TotalEnergies to establish a $2.2 billion joint venture, merging their onshore renewable activities in nine Asian countries. To fuel its growth, Masdar plans to deploy $30-35 billion in equity and project finance to reach 100 GW by 2030, adding an average of 10GW of new capacity annually.
