Masdar invests Dhs30 billion in 2024, launches new projects in 9 countries
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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Zawya
8 hours ago
- Zawya
Abu Dhabi Future Energy Company PJSC - Masdar assigned 'AA-' issuer credit rating; Outlook stable
Rating Action Overview We expect that Abu Dhabi-based renewable energy group Abu Dhabi Future Energy Company PJSC - Masdar (Masdar), primarily owned by the Emirate of Abu Dhabi, will benefit from very strong levels of financial support from the government, both extraordinary and ongoing, on the back of the group's strategic mandate as the key vehicle for the country to achieve its ambitious clean energy transition targets by 2050. Masdar's operating and growth model is unique and is symbiotic in many ways with the Emirate of Abu Dhabi. This supports our view of Masdar's credit rating being very close to, although not aligned with, the rating on Abu Dhabi, and the ratings on both entities are likely to evolve in tandem in the future. Masdar benefits from an established global market position in the clean energy development business, a diversified capacity base, and an ambitious growth strategy sponsored by the government. We also recognize that the company's strong investment appetite creates inherent execution risk in business expansion and its financial leverage is very high. We therefore assigned our 'AA-' long-term issuer credit rating on Masdar. The outlook is stable, reflecting the outlook on our sovereign rating on Abu Dhabi. Rating Action Rationale We think that Masdar has an extremely high likelihood of receiving timely and sufficient financial support from the government of Abu Dhabi. The group has the very important role of leading the emirate's renewable goals, and it benefits from having integral ties with the state government. This results in six notches of uplift from Masdar's stand-alone credit profile (SACP) of 'bbb-', leading to an 'AA-' long-term issuer credit rating. Masdar retains priority on the mandate for renewable energy for Abu Dhabi, being a key vehicle for the United Arab Emirate (UAE) in achieving its goals of tripling renewable energy by 2030. The UAE government has pledged to make the country carbon neutral by 2050 and plans to invest heavily in alternative energy sources that are both renewable and clean (see "Abu Dhabi," May 26, 2025). Masdar also plays a key role as a vehicle for strengthening ties with partner countries through the development of non-utility scale special projects. There is ample evidence and a solid track record of state support to accompany Masdar's growth. The group has thus far received over UAE dirham (AED) 20 billion in equity support from the government to finance its acquisitions on growing platforms. We think that the Emirate of Abu Dhabi is willing and able to provide extraordinary financial support should Masdar experience financial stress, particularly because Masdar's reputation globally is closely linked to that of its ultimate owner. 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. Different from its rated peers, Masdar does not carry operations in-house, but rather adopts an investor approach, outsourcing operating and construction risk to third-party contractors. Masdar's competitive advantages stem from both: Hard factors: A large, low risk asset base of its cash flow generation with 97% of revenues being generated through take-or-pay contracts with a weighted average remaining contract life of about 16 years; and Soft factors like government backing and a clear strategic mandate Although Masdar's investment appetite is aggressive, the regular equity injections from the Emirate of Abu Dhabi to finance brownfield acquisitions support the sustainability of the growth strategy and underpin Masdar's sound access to capital markets and good relationships with banks. As of March 2025, Masdar has an identified advanced pipeline of 25 GW, and a long way to reach its target of over 100 GW by 2030. In addition, 15 GW out of its contracted pipeline is under development. Therefore, we cannot rule out some execution risks and high capital expenditure (capex) in its path toward its 2030 target. That said, we think that the government will step in to support Masdar because its activities have strong strategical and reputational significance for the emirate. The continuous support and the privileged access to low-cost financial resources thanks to its government links are a major differentiating factor when assessing the group's financial solidity and capacity to sustain high leverage. Despite Masdar's heightened leverage, the company--which is a pioneer in green bond financing in the UAE--managed to raise about AED10 billion so far in 2025, with a low coupon rate of about 5%. Masdar's strong diversification, government-backed growth model, and hands-off approach to distressed assets all support the deconsolidated financial analysis approach. Unlike many of its peers, Masdar's business model ensures that its financial risk profile is not tied to individual projects or their associated debt. The company's expansion is driven by government capital injections and strategic acquisitions, rather than asset monetization, further limiting its reliance on project-level cash flows. In our assessment of Masdar, we deconsolidate all nonrecourse asset-level debt and cash flows and included the dividend distributions from these projects to calculate its financial metrics. The deconsolidation is not merely because of the nonrecourse nature of the assets, but because we believe Masdar's approach to individual projects in the context of its large portfolio, in terms of business strategy, governance and influence, allows us to do so. We estimate Masdar's leverage (i.e., mostly corporate debt at the parent level) will remain high over the next two years. Masdar's deconsolidated debt-to-EBITDA is likely to increase to 5.0x-6.0x over 2025 and 2026, from 1.8x in 2024, before falling to 2024 levels as all the development activity Masdar has undertaken over the past year--particularly through the acquisitions of growth platforms--become operational and begin generating cash. Masdar's growth mandate is implemented through its disciplined and consistent acquisition strategy and framework which helps provide visibility around the evolution of cash flows. We acknowledge that, within the development cycle, Masdar's leverage ratio would also by cyclical. However, we view the company's track record of disciplined framework when it comes to its financial policy as positive. We would expect Masdar to hold majority ownership and control of its projects to maximize dividend payouts, while ensuring the deconsolidated EBITDA cash interest coverage is close to 2.0x. We would also expect the company to continue with its funding approach whereby greenfield developments are financed with nonrecourse debt at the project level with Masdar's equity being funded via green bonds at the parent level, whereas brownfield acquisitions would remain financed primarily via equity-like shareholder contributions. Equally critical for us is the expectation that Masdar would not support any distressed projects, as has been the case in the past Outlook The stable outlook on Masdar mirrors that on the sovereign rating on the Abu Dhabi (AA/Stable/A-1+), given our view that the company has an extremely high likelihood of receiving timely and sufficient financial support from the Emirate, its ultimate owner. The outlook also reflects our expectation that Masdar will continue to enjoy good funding access as a key government-related entity (GRE) in Abu Dhabi and that the emirate will support Masdar with regular equity injections for brownfield projects to reach the 100 GW target. We also expect that Masdar will maintain stable cash flows and efficient operations at the project-level, which will also support the company's leverage and growth spending over the next 12-24 months. Downside scenario We may lower the rating on Masdar in the next 12-24 months if: We lower the sovereign rating on Abu Dhabi to 'AA-'; We think that government support for the company has weakened. This could happen if Masdar becomes less strategic and integrated with the government. A shortfall or delay in supporting strategic acquisitions, or liquidity pressure on Masdar may also signal weakening of support; or At the current level of government support, the SACP on Masdar weakens by two notches to 'bb'. We think that there is substantial headroom for the 'bbb-' SACP on Masdar, considering the operating model. A downward revision of the SACP would likely be driven by a fundamental departure from existing financial policy, more than point in time credit metrics, which could be inherently volatile. Still, we could lower our assessment of Masdar's SACP by one notch if: The company fails to maintain EBITDA cash interest coverage in line with financial policy, due to an inability to upstream dividends from projects as expected; or The company revises its financial policy and approach to its balance sheet management, by undertaking aggressive recourse debt-funded spending, either to fund acquisitions at corporate level or to support distressed greenfield developments projects. Upside scenario We could upgrade the company if we raise the rating on Abu Dhabi to 'AA+', all else remaining equal. We are unlikely to raise our assessment of Masdar's SACP over the next 12-24 months, as we do not expect the company would be able to meaningfully reduce its leverage, given the company's capital spending plans over the coming years. Company Description Masdar is a registered public joint stock company headquartered in the Emirate of Abu Dhabi. The principal activities of Masdar are to invest or acquire participations in entities in the renewable energy, energy efficiency, carbon reduction, carbon capture and storage, and other forms of sustainability-related technologies and provision of services for reducing carbon emissions. Since its establishment in 2007, Masdar has developed and partnered in projects in over 25 countries globally. Its gross installed capacity as of March 2025 stands close to 17.5 GW, with a mix of solar PV and wind, with a mandate to increase its renewable energy portfolio capacity to 100 GW by 2030. The company is majority-owned (approximately 96% indirectly) by the government of Abu Dhabi, through shareholdings by Abu Dhabi's leading state-owned entities: Mubadala Investment Company, Abu Dhabi National Energy Co., and Abu Dhabi National Oil Co. Our Base-Case Scenario Assumptions Distributions from invested projects of AED2.0 billion-AED2.5 billion in 2025 and 2026, increasing to more than AED3 billion in 2027 following the completion of major constructions. We do not consolidate nonrecourse project-level debt, and our adjusted EBITDA includes our forecast cash distributions, proportionate to the equity ownership of the assets. Our EBITDA also includes annual development, prefinancing, and general and administrative corporate costs. Masdar-level capex of $20 million-$50 million over the forecast period. This excludes the development capex funded by nonrecourse financing. Committed equity contributions from sponsors in 2025 to support capital spending requirements. The company not making distributions to its shareholder but making minority ownership distributions. Approximately $1.5 billion in amortizing operating project-level debt in the forecast period. We note that the debt is in proportion with consolidated projects equity ownership. Key metrics Liquidity We assess Masdar's liquidity as adequate, because we expect the company's ratio of liquidity sources to uses to be about 1.6x over the 12 months ending March 31, 2026. Given Masdar's status as a GRE, it has strong banking relationships and satisfactory standing in credit markets onshore and offshore, which is supported by its low coupon rate. Masdar also has a degree of flexibility to lower capex and acquisition spending, if needed. Principal liquidity sources AED2,800 million of unrestricted cash and cash equivalents for the next 12 months; and Cash funds from operations of about AED1,000 million for the next 12 months. Principal liquidity uses No debt maturities for the next 12 months; Expected capex of AED10,000 million for the next 12 months (operating and mergers and acquisitions); and No expected dividend payments of AED944 million for the next 12 months Covenants The group's nonrecourse project financing indebtedness typically contains covenants, including debt-service coverage ratio covenants, which can restrict distributions to Masdar unless the terms are met. We acknowledge that in 2023 and 2024, the solar PV projects under construction in Uzbekistan experienced technical breaches with no financial impact for Masdar. Environmental, Social, And Governance Environmental factors are a positive consideration in our credit analysis of Masdar. The company specializes within the renewables sector, promoting clean energy solutions and abates 14 million tons of carbon dioxide emissions annually. Masdar aims to spearhead the UAE's net zero by 2050 target and actively engages in exploring innovative technologies and partnerships that advance sustainability. Masdar's commitment to sustainability and innovation is evidenced through its involvement in the exploration of hydrogen production since 2008. Socially, Masdar remains cognizant of its responsibilities and engages local communities through education initiatives and job creation. Governance-wise, environmental, social, and governance activities are spearheaded at the board level through its Sustainability, Strategy and Investment Committee ensuring the company remains on track to develop a global clean energy portfolio with gross capacity of 100 GW by 2030. Rating Component Scores Ratings List Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at for further information. A description of each ofS&PGlobal Ratings' ratingcategories is contained in"S&PGlobal Ratings Definitions"at Complete ratings information is available to RatingsDirect subscribers at All ratings referenced herein can be found onS&PGlobal Ratings'public website at Copyright © 2025 by Standard & Poor's Financial Services LLC. All rights reserved. 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Al Etihad
9 hours ago
- Al Etihad
S&P Global Ratings assigns AA- Stable rating to Masdar
20 Aug 2025 19:06 A. SREENIVASA REDDY (ABU DHABI)Masdar, Abu Dhabi's flagship renewable energy company, has been assigned a long-term issuer credit rating of AA- with a Stable outlook by S&P Global Ratings, underscoring its financial strength, global reach, and the substantial backing it continues to receive from the emirate of Abu to S&P, the rating reflects Masdar's 'extremely high likelihood of receiving timely and sufficient financial support from the government of Abu Dhabi,' given the company's pivotal role in the emirate's clean energy transition strategy. The stable outlook mirrors that of the sovereign itself, which holds an AA rating with a Stable AA- rating is among the highest grades awarded by S&P, signalling a very strong capacity to meet financial commitments and a low expectation of credit risk. The 'Stable' outlook means the agency expects this strong position to be maintained over the next 12–24 months. For Masdar, the affirmation effectively positions it just one notch below Abu Dhabi itself and places it among the world's most creditworthy renewable energy developers.S&P emphasised the ample evidence of state support for Masdar's growth. 'The group has thus far received over Dh20 billion in equity support from the government to finance its acquisitions,' the report noted. This record of injections highlights Abu Dhabi's readiness to step in with extraordinary support if ever required. 'This results in six notches of uplift from Masdar's stand-alone credit profile of 'bbb-', leading to an 'AA-' long-term issuer credit rating,' the S&P Rating said. Masdar is also benefiting from its pioneering position in green finance. Despite rising leverage, the company raised around Dh10 billion in 2025 through green bond issuances at a coupon rate of only 5%, demonstrating investor confidence and its strong access to capital rating action comes as Masdar accelerates its international expansion. From 2021 to March 2025, the company's gross capacity — including operational, under-construction and committed projects — more than doubled from 15 gigawatts (GW) to 33 GW. Its portfolio spans more than 25 countries and is concentrated in well-proven renewable technologies, particularly utility-scale solar photovoltaic and onshore wind, which together account for over 80% of its generation many of its peers, Masdar follows an investor-led approach, outsourcing operations and construction risks to third-party contractors. S&P pointed to the company's 'large, low-risk asset base' supported by long-term take-or-pay contracts, with about 97% of revenues locked in. These factors, combined with government backing, 'underpin Masdar's sound access to capital markets and good relationships with banks,' the report said. Masdar's ambition remains to increase its portfolio to more than 100 GW by 2030, a target closely aligned with the UAE's national clean energy and net-zero goals. As of March 2025, it had an advanced pipeline of 25 GW, of which 15 GW were already under development.
Khaleej Times
9 hours ago
- Khaleej Times
UAE: S&P assigns AA- rating to Masdar, outlook stable
S&P Global Ratings on Wednesday assigned an 'AA-' long-term issuer credit rating to Abu Dhabi-based renewable energy group Masadar. The outlook is stable. This results in six notches of uplift from Masdar's stand-alone credit profile (SACP) of 'bbb-', leading to an 'AA-' long-term issuer credit rating. 'We think that Masdar has an extremely high likelihood of receiving timely and sufficient financial support from the government of Abu Dhabi. The group has the very important role of leading the emirate's renewable goals, and it benefits from having integral ties with the state government,' the ratings agency said in a statement. Masdar retains priority on the mandate for renewable energy for Abu Dhabi, being a key vehicle for the UAE in achieving its goals of tripling renewable energy by 2030. The UAE government has pledged to make the country carbon neutral by 2050 and plans to invest heavily in alternative energy sources that are both renewable and clean. Masdar benefits from an established global market position in the clean energy development business, a diversified capacity base, and an ambitious growth strategy sponsored by the government. There is ample evidence and a solid track record of state support to accompany Masdar's growth. The group has thus far received over Dh20 billion in equity support from the government to finance its acquisitions on growing platforms. 'We think that the Emirate of Abu Dhabi is willing and able to provide extraordinary financial support,' the ratings agency noted. 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 per cent of Masdar's generation base,' S&P Global Ratings said. The continuous support and the privileged access to low-cost financial resources thanks to its government links are a major differentiating factor when assessing the group's financial solidity and capacity to sustain high leverage. 'Despite Masdar's heightened leverage, the company — which is a pioneer in green bond financing in the UAE — managed to raise about Dh10 billion so far in 2025, with a low coupon rate of about 5 per cent,' the agency said. Masdar's strong diversification, government-backed growth model, and hands-off approach to distressed assets all support the deconsolidated financial analysis approach. Unlike many of its peers, Masdar's business model ensures that its financial risk profile is not tied to individual projects or their associated debt. 'Masdar's deconsolidated debt-to-Ebitda is likely to increase to 5.0x-6.0x over 2025 and 2026, from 1.8x in 2024, before falling to 2024 levels as all the development activity Masdar has undertaken over the past year—particularly through the acquisitions of growth platforms — become operational and begin generating cash,' S&P Global analysts wrote.
