Latest news with #FutureEnergyCompany
Zawya
8 hours ago
- Business
- Zawya
Abu Dhabi to back Masdar's brownfield drive to 100 GW: S&P
The Abu Dhabi government will support Abu Dhabi Future Energy Company (Masdar) with regular equity injections for brownfield projects to reach the 100-gigawatt (GW) target, S&P Global Ratings said in a report. The company will continue to enjoy good funding access as a key government-related entity, it added. 'We expect that Masdar will maintain stable cash flows and efficient operations at the project-level, which will support the company's leverage and growth spending over the next 12 to 24 months,' the rating agency stated. The company has received over 20 billion UAE dirhams ($5.45 billion) in equity support from the government to finance its acquisitions. Despite the heightened leverage, the company - a pioneer in green bond financing in the UAE – has managed to raise nearly 10 billion UAE dirhams ($2.72 billion) so far this year, with a low coupon rate of about 5 percent. From 2021 to March 2025, Masdar's gross capacity (considering operational, under construction, and committed projects) increased to 33 GW from 15 GW. This growth was backed by a dual business model that combines greenfield development with strategic acquisitions. As of March 2025, the renewables major has an identified advanced pipeline of 25 GW, with 15 GW out of its contracted pipeline under development, the report said. (Writing by P Deol; Editing by Anoop Menon) (
Khaleej Times
21 hours ago
- Business
- Khaleej Times
Masdar achieves record portfolio growth of 62% in 2024
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. 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 €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.
