Masdar invests Dhs30 billion in 2024, launches new projects in 9 countries
Abu Dhabi Future Energy Company - Masdar has reinforced its leadership in the global clean energy sector by deploying close to Dhs30 billion in equity investments and securing more than Dhs16.5 billion of project financing across nine countries. These accomplishments reflect Masdar's commitment to expanding its renewable energy portfolio while driving the global energy transformation.
Since its establishment in 2006, Masdar has been a key enabler of the UAE's vision as a global leader in sustainability and climate action. The company has developed and partnered in projects in over 40 countries, with a mandate to increase its renewable energy portfolio capacity to 100GW by 2030.
Masdar contributes to accelerating development and supporting the UAE's ambition to become the world's largest developer, owner, and operator of renewable energy and green hydrogen. It also aids countries globally in achieving their climate neutrality plans, while increasing its project portfolio's production capacity to 51GW by the end of 2024.
Masdar's growth was advanced by landmark acquisitions in Greece, Spain and the United States, strengthening the company's presence in Europe and North America, as well as breaking ground on seven major projects worldwide.
These included two BESS projects in the UK, two solar projects in Azerbaijan with a combined capacity of 760MW, and the 1.5GW Al Ajban Solar Project in the UAE.
Additionally, Masdar announced the financial close of six projects, including the 1.1GW Al Henakiyah Solar Power Plant and multi-utility AMAALA sustainable project in the Kingdom of Saudi Arabia, as well as 760MW solar projects Bilasuvar and Neftchala in Azerbaijan.
Masdar also signed a Power Purchase Agreement in December 2024 for the 2GW Sadawi project in Saudi Arabia, and inaugurated the 500MW Zarafshan Wind Farm in Uzbekistan, now the largest operation in Central Asia.
Meanwhile, the Abu Dhabi Investment Office (ADIO) has signed a strategic agreement with Ignite Energy Access, a leading pan-African provider of the full range of Distributed Renewable Energy (DRE) solutions, to establish its global headquarters in the emirate.
Under the multi-year agreement, ADIO will support Ignite Energy Access in scaling its operations and expanding its regional and global footprint while reinforcing Abu Dhabi's position as a global hub for clean energy innovation.
Ignite Energy Access utilises a proprietary technology platform to develop, deploy and operate distributed solar solutions across sub-Saharan Africa, with a mission to connect 100 million people across the continent to clean, sustainable electricity by 2030. This partnership will enable Ignite to scale its operations across Africa — including solar home systems, solar-powered irrigation and hybrid solar inverters, and commercial and industrial (C&I) solar projects — while also expanding its solar-powered digital connectivity solutions to provide internet access to remote communities for the first time.
As part of this collaboration, Ignite Energy Access will also introduce its advanced solar technologies and expertise to the UAE, where the company will deploy standalone off-grid solar projects for use in rural communities, sustainable farming and eco-friendly transportation and construction.
Ignite's relocation is expected to generate over 200 high-skilled jobs in Abu Dhabi across technology, finance, and supply chain roles. Beyond job creation, the company has also committed to a comprehensive knowledge transfer programme, collaborating with leading Abu Dhabi-based universities to develop local expertise through internships, specialist training and industry partnerships. The company will also work with Abu Dhabi's broader renewable energy sector, building on previous engagements with leading organisations such as IRENA and Masdar to support the emirate's energy transition goals.
Badr Al-Olama, Director General of ADIO, said: 'Through strategic partnerships and advanced technologies, Abu Dhabi continues to strengthen its role as a global hub for investments. Our collaboration with Ignite reinforces this vision, solidifying the emirate's position at the forefront of the energy transition. By fostering innovation, attracting pioneering companies and accelerating sustainable investment, we are developing a future-ready economy, capable of delivering transformative solutions to the world's most pressing challenges.'
Yariv Cohen, CEO of Ignite Energy Access, commented: 'Abu Dhabi's ecosystem provides unparalleled support for clean energy solutions at scale. With this move, we are not just establishing a headquarters but leveraging a world-class innovation platform to advance renewable energy deployment worldwide. We see strong alignment between Ignite's vision and Abu Dhabi's commitment to advancing net-zero strategies, fostering innovation, and creating long-term environmental impact.' Building on significant milestones — such as winning the IRENA Award and the Zayed Sustainability Prize at COP28 — Ignite remains committed to delivering high-impact solutions to underserved communities across Africa while supporting Abu Dhabi's vision to be a global leader in sustainable innovation.
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