‘Masdar' achieves record portfolio growth of 62% in 2024
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 €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, said, 'As Masdar continues to evolve as a global clean energy leader, 2024 marked a defining chapter in our journey, as we expanded our presence in key global markets, strengthened our financial credentials, and drove initiatives that reflect our commitment to responsible growth and inclusive progress.
As a global investor, developer, and operator, we are delivering impact at scale across key geographies and helping to shape the future of clean energy. We will continue to drive innovation in the clean energy sector and reinforce our position as a partner of choice for governments and communities across the globe.'
Aligned with its focus on diversity, inclusion, and leadership development, Masdar is committed to promoting a strong female representation in management, with women now 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.
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Chart 1 Over AED20 billion in equity support to finance acquisitions on growing platforms Acquisitions help enhance portfolio quality and provide diversification benefits Masdar's strategy of acting as a platform investor and aggregator has significantly expanded its scale and diversity. From 2021 to March 2025, Masdar's gross capacity (considering operational, under construction, and committed projects) increased to 33 gigawatt (GW) from 15 GW. This trajectory was backed by a dual business model that combines greenfield development with strategic acquisitions--each supported by appropriate funding sources. The company has a portfolio of geographically diverse assets in strategic locations across the globe and exposed to well-proven renewable technologies, notably utility-scale solar photovoltaic (PV) and onshore wind capacity, which together account for more than 80% of Masdar's generation base. 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