Abu dhabi: Future Energy Company PJSC - Masdar, has released its 12th Annual Sustainability Report which highlights how the company strengthened its position as a global clean energy leader last year, delivering record portfolio capacity growth and increasing its global footprint through major acquisitions in Europe and the United States.
According to Emirates Press Agency, Masdar's Sustainability Report highlights the company's continued progress in key sustainability areas, including environmental performance, social impact, ethical business practices, and workforce diversity. It also reinforces Masdar's leadership in sustainable finance with the expansion of its green bond programme in 2024.
Masdar achieved a record portfolio growth of 62 percent last year, with its operational, under-construction, and advanced pipeline capacity reaching 51 gigawatts (GW), more than halfway to the company's 2030 target of 100GW.
Total capacity for operational and under construction projects almost doubled to 32.6GW, with operational projects generating 29,225 gigawatt-hours (GWh) of clean electricity, avoiding 15.5 million tonnes of carbon dioxide equivalent.
Landmark acquisitions fueled Masdar's growth in 2024. With its strategic expansion in Europe, Masdar acquired Greece's TERNA ENERGY for a total enterprise value of pound 3.2 billion.
Masdar also acquired a 50 percent 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 investment will also accelerate collaboration between the US and the UAE in alignment with their strategic energy partnership for reliable, affordable and sustainable energy.
In the Iberian Peninsula, another core European market, Masdar expanded further by acquiring Saeta for US$1.4 billion and securing a 49 percent stake in a 2GW operating solar portfolio from Endesa S.A.
Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar, stated that 2024 marked a defining chapter in their journey, as they expanded their presence in key global markets, strengthened their financial credentials, and drove initiatives that reflect their commitment to responsible growth and inclusive progress.
Aligned with its focus on diversity, inclusion, and leadership development, Masdar is committed to promoting a strong female representation in management, with women comprising 20 percent of its management team. It is also steadfast in its approach to empowering local communities through sustainable urban development and inclusive energy access initiatives across its projects.