Latest news with #TerraGen
Emirates 24/7
16 hours ago
- Business
- Emirates 24/7
‘Masdar' achieves record portfolio growth of 62% 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.
Arabian Business
28-05-2025
- Business
- Arabian Business
TAQA keen on ‘key' US market as it explores acquisition opportunities
Abu Dhabi National Energy Company (TAQA) is exploring acquisition opportunities in the United States as it follows its strategy of international growth. Jasim Husain Thabet, Group Chief Executive Officer and Managing Director, told Reuters in an interview that Abu Dhabi's integrated utilities company was keen on targets in the US. It's a move that aligns with the UAE government's assurance to President Donald Trump that it would increase its energy investments in the USA from US$70 billion currently to US$440 billion by the end of 2035. Without disclosing any target, Thabet said: 'The US is a key market for us. If the right opportunity presents itself for TAQA, we would be pursuing that.' Masdar, which is jointly owned by TAQA along with ADNOC and Mubadala Investments, recently acquired a 50 per cent stake in the US-based Terra-Gen, which has a proven track record of developing, owning and operating assets across a large and diverse set of renewable technologies. Terra-Gen currently operates approximately 2.4 GW of wind and solar, and 5.1 GWh of energy storage facilities across 32 renewable power sites throughout the US. TAQA aims to spend around US$20 billion between 2023 and 2030 on organic and inorganic growth, aiming for 150 gigawatts of capacity by the end of that period, up from around 56 GW now. Thabet told Reuters that TAQA would generally prefer to acquire a fully integrated company with generation, networks and a pipeline of growth.
