Masdar, the United Arab Emirates’ flagship renewable energy company, is aiming for a global renewable energy portfolio capacity target of 100GW by 2030, which would require increasing their current capacity by five times. To achieve this ambitious goal, Masdar is focusing on backing transformative projects and engaging in green acquisitions. Recently, Masdar has been supercharged by key investments from TAQA and the Abu Dhabi National Oil Company, leading to mega project launches and initiatives to promote wind power projects in the UAE.
One of Masdar’s recent projects is the commercial launch of Al Dhafra Solar Farm, a 2GW power generation facility in Abu Dhabi, built in partnership with TAQA, France’s EDF, and China’s Jinko Power. Additionally, Masdar is working on making the UAE a hub for wind power by developing projects in four sites with a total capacity of 103.5MW. Through the utilization of low wind turbine technology and capitalizing on unique regional weather patterns, Masdar aims to demonstrate the economic viability of wind power in the UAE.
In March, Masdar took a 50% stake in Terra-Gen Power, one of the largest independent renewable energy power producers in the U.S., with the goal of accelerating its growth through funding and expertise. Masdar plans to pursue more transformative asset acquisitions globally, with a focus on Europe and Asia. The company has structured its team to navigate challenges in different markets, from government guarantees to project permits, financing to public-private partnerships.
Masdar takes a community and profitability-focused approach to its renewable energy investments, ensuring that every project has a community and carbon transition aspect while maintaining a strong business case. The company is technology-driven and aims for single- to double-digit return expectations based on risk levels. The Al Dhafra project has helped the UAE offer one of the world’s most competitive solar power tariffs. Masdar believes in engaging with the global south to achieve a just energy transition and recently signed an agreement with Africa 50 to unlock the continent’s clean energy potential.
The COO of Masdar emphasizes the importance of partnerships in realizing the commercial premise of global electrification powered by renewable energy. Masdar aims to support developing countries in leapfrogging coal-fired power generation with renewables and cleantech solutions. While acknowledging the capital-intensive nature of the industry, Masdar believes that with confidence and patience, it can inspire belief in the value of exploring new low-to-zero carbon solutions. Ultimately, Masdar’s goal is to contribute to a greener, cleaner future for all, ensuring that no one is left behind on the path to a sustainable energy transition.
