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• Acquisition completed of 49.99% stake in the portfolio of four operational solar PV plants in Spain

• €184 million investment by Masdar adds 446MW solar capacity to its European portfolio, bringing Masdar’s total gross operational capacity in the Iberian Peninsula to 3.2GW.

• Growing partnership with Endesa reaffirms Masdar’s long-term commitment to Spain as a strategic European hub for clean energy growth and transformation

Masdar, a global clean energy leader, today announced the closing of its acquisition of a 49.99% stake in a €368 million portfolio comprising four operational solar PV plants from Enel Green Power España S.L., a subsidiary of Endesa S.A. (“Endesa”), a leading company in the Spanish electricity sector and a subsidiary of Enel Group. The transaction represents a deployment of €69 million in equity by Masdar, with an additional €115 million of acquisition financing. The move adds a significant 446 megawatts (MW) of operational solar capacity to the company’s European portfolio, while supporting Masdar’s strategy to scale renewable energy capabilities across the Iberian Peninsula and wider Europe.

The agreement consolidates the strategic partnership between the two companies, after Masdar acquired a 49.99% stake in 2 gigawatts (GW) of solar assets from Endesa in 2024. The deal was one of Spain’s largest renewable energy transactions in recent years and includes plans to add up to 0.5GW of battery storage. This latest transaction brings Masdar’s total gross operational capacity in the Iberian Peninsula to 3.2GW, with more than 2GW of development pipeline.

These operating assets further Masdar’s commitment to advancing the region’s renewable energy ambitions and supporting the EU reach its 2050 net-zero targets. Earlier in the year, Masdar and global energy leader Enel Group signed a Memorandum of Understanding (MoU) to explore potential renewable energy opportunities in countries including Italy, Spain, and Germany.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said:

Flavio Cattaneo, CEO of Enel Group, added:

The deal enhances Masdar’s position in Spain and reinforces its broader plan for expansion across Southern Europe. In late 2024, the company completed the €1.2 billion acquisition of Saeta Yield, a leading Iberian renewables platform with a portfolio of 2.3GW. Saeta now serves as Masdar’s primary regional operating hub on the Iberian Peninsula.

Spain, one of the EU’s most dynamic solar energy markets, is a cornerstone of Masdar’s European growth platform. Its scale, regulatory environment, and ambitious NECP targets position the country as an ideal contributor to Masdar’s global ambition to reach 100GW of renewable capacity by 2030.

Advisors: BNPP acted as the transaction advisor, Linklaters as legal advisor, UL as technical advisor, and PwC as Masdar’s tax and finance advisor.

Banks: The acquisition was partially funded via financing from BNPP, Santander, Intesa Sanpaolo, ADCB, and FAB.

• WiSER Pioneers Program aims to empower the next generation of women sustainability leaders

• Competitive, year-long program for young women aged 25 to 35 from around the world

• 150+ young women from 30+ nationalities have participated since 2018, driving real-world impact

Women in Sustainability, Environment, and Renewable Energy (WiSER) – a global platform co-founded in 2015 by Masdar and the Zayed Sustainability Prize – has officially opened applications for its 2026 WiSER Pioneers Program, dedicated to empowering the next generation of female sustainability leaders.

Now entering its ninth cohort, the year-long, competitive program is dedicated to empowering emerging female leaders in sustainability. Since its launch in 2018, the Pioneers Program has provided 535+ hours of workshops, 515+ hours of one-to-one mentoring and welcomed more than 150 Pioneers from over 30 nationalities, equipping them with the knowledge, networks, and leadership skills to shape the global energy transformation and deliver meaningful impact in their communities.

Open to women aged 25 to 35 who are entrepreneurs or possess at least two years of professional experience in sustainability, environment, energy, or STEM-related fields, the program offers tailored workshops, global networking opportunities, and one-to-one mentorship from senior industry leaders. Pioneers also participate in the annual WiSER Cares initiative, engaging directly with local communities to explore sustainable solutions on the ground.

Dr Lamya Fawwaz, Executive Director for Brand & Strategic Initiatives, Masdar, and Program Director of WiSER, said:

Through WiSER, women have gone on to launch businesses, lead projects and influence policy in their countries, underscoring the platform’s role as one of the world’s most impactful initiatives for developing female leaders in sustainability. Alumni of the program are now making their mark across clean energy, technology, policy, and community development.

The WiSER Pioneers Program combines career development with real-world experience. Participants take part in bespoke training workshops covering clean energy, sustainability policy, leadership and innovation. They also engage in the annual WiSER Cares initiative, a cultural exchange and active learning program that immerses Pioneers in practical sustainability solutions.

The 2025 WiSER Cares trip brought Pioneers to Indonesia, where they gained on-the-ground insight into Indonesia’s energy transformation through site visits to geothermal plants, floating solar projects and policy workshops on climate finance.

WiSER Pioneers also gain international exposure at global events such as Abu Dhabi Sustainability Week (ADSW) and United Nations Climate Change Conference (COP), where they actively contribute to discussions shaping the future of the energy transformation.

Reflecting on the program, Fatima Afghan, a 2025 Pioneer from the UAE said:

Praise for the program also came from Eduarda Zoghbi, a 2025 Pioneer from Brazil:

WiSER is a global platform dedicated to empowering women to be drivers of sustainable change and innovation. WiSER is born of the UAE leadership’s longstanding and continuing commitment to the role of women; a vision championed by the late founding father Sheikh Zayed bin Sultan Al Nahyan. Aligned to global net-zero goals, WiSER is also rooted in a recognition that more needs to be done to support women in the global mission to tackle climate change.

For further information on WiSER, visit: https://masdar.ae/en/strategic-global-initiatives/wiser To apply for the 2026 WiSER Pioneers Program, visit: https://masdar.my.site.com/WISER

• Sultanate of Oman’s power and water procurement company signs power purchase agreement with consortium of Masdar, OQ Alternative Energy, Al Khadra Partners and Korea Midland Power Co. Ltd

• Ibri III Solar Independent Power Project features 500MW solar photovoltaic plant integrated with a 100MWh battery energy storage system

• Project will contribute to Oman’s target of generating 30% of electricity from renewables and Vision 2040 diversification goals

Nama Power and Water Procurement (PWP) has signed an agreement for the development of the Sultanate of Oman’s first utility-scale solar and battery storage project with the consortium of Abu Dhabi Future Energy Company PJSC – Masdar, Al Khadra Partners, Korea Midland Power Co. Ltd (KOMIPO), and OQ Alternative Energy (OQAE), Oman’s national champion for renewable energy.

Masdar, a global clean energy leader, will lead the consortium developing the Ibri III Solar Independent Power Project, which combines a 500-megawatt (MW) photovoltaic (PV) plant with a 100-megawatt-hour (MWh) battery energy storage system (BESS). The scope of the project includes design, construction, ownership, financing, operation and maintenance of the plant and storage system.

The power purchase agreement (PPA) for the project, awarded under the auspices of H.E. Eng. Salim bin Nasser Al Aufi, Minister of Energy and Minerals, was signed at an event in Muscat today by Ahmed bin Salim Al Abri, CEO of PWP, Mohamed Jameel Al Ramahi, CEO of Masdar; Ghalib Al Maamari, Acting CEO of OQAE; Hind Suhail Salim Al Mukhaini Bahwan, Chairperson of Al Khadra Partners; and Lee Young-jo, CEO of KOMIPO.

H.E. Eng. Salim bin Nasser Al Aufi, Minister of Energy and Minerals, said:

Ahmed bin Salim Al Abri, Chief Executive Officer at Nama Power and Water Procurement, said:

Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar, said:

The Ibri III project is a key element in Oman’s policy to diversify energy resources to meet growing electricity demand, with Oman Vision 2040 including the objective of generating 30 percent of electricity from renewables by 2030. Once operational, Ibri III will produce enough electricity to power around 33,000 homes, while avoiding approximately 505,000 tonnes of carbon dioxide annually.

Eng. Abdullah Rashid Al Sawafi, PWP’s Chief Energy Transition Officer, said:

Ghalib Al Maamari, Acting CEO of OQAE commented:

Sheikha Hind Bahwan, Chairperson of Al Khadra Partners commented:

Lee Young-jo, CEO of KOMIPO, said:

• MBAC, subsidiary of Maaden, signs a 30-year Power Purchase Agreement (PPA) to supply Al Baitha Bauxite Mine with clean energy

• 8 MWp solar plant and 30 MWh battery storage system to generate 17,300 MWh annually

Maaden Bauxite and Alumina Company (MBAC), a subsidiary of Maaden (Saudi Arabian Mining Company), one of the world’s fastest-growing mining companies, has signed a Power Purchase Agreement (PPA) with Emerge, a joint venture between Masdar, a global clean energy leader, and EDF power solutions, a leader in low-carbon innovative solutions.

Under the agreement, Emerge will develop a solar power project to supply the Al Baitha Bauxite Mine with clean, renewable energy for the next 30 years. This initiative supports Saudi Arabia’s energy transition and aligns with the goals of Vision 2030 by reducing carbon emissions and promoting sustainable industrial growth.

The off-grid energy facility will integrate a ground-mounted 8 MWp solar photovoltaic array with a 30 MWh battery energy storage system backing up the intermittency of the solar production and securing a 24/7 electricity supply. The facility is expected to generate approximately 17,300 MWh of electricity annually. The project will help avoid around 13,800 tonnes of carbon dioxide (CO₂) emissions per year, equivalent to removing more than 3,000 cars from the road annually. With this facility, the Al Baitha Bauxite Mine will be able to operate almost entirely on renewable energy, marking a major step toward sustainable mining operations.

Ali Al-Qahtani, Executive Vice-President, of Maaden’s aluminum business said:

Abdulaziz Alobaidli, Chairman of Emerge and Chief Operating Officer at Masdar, commented:

Omar Aldaweesh, CEO KSA of EDF Group and EDF power solutions, and Emerge board member, said:

Emerge will deliver a full turnkey solution for the project, managing all aspects, including financing, design, procurement, construction, operation, and maintenance.

• Masdar’s twelfth Annual Sustainability Report shows continued progress in key areas, with the company delivering record 62% portfolio capacity growth, increasing its global footprint

• Report highlights leadership in sustainable finance and widespread investor confidence in long-term strategy and ESG credentials

• ·Masdar deepens commitment to talent development and inclusion, with women comprising 20% of its management team

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 program 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:

Masdar’s second green bond issuance, in July 2024, was again met with strong global demand, being 4.6 times oversubscribed, reaffirming widespread investor confidence in the company’s long-term strategy and ESG credentials. Masdar also received a credit rating upgrade to AA- from Fitch Ratings and an ESG Entity Rating of 2 from Sustainable Fitch, with a 71/100 score, reflecting the company’s good ESG performance and the green nature of its assets.

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.

Beyond power generation, Masdar’s projects create jobs in local communities, support economic growth, and protect wildlife ecosystems. As an example of Masdar’s commitment to biodiversity, the company is utilizing Identiflight AI technology at its Zarafshan wind project in Uzbekistan, helping to protect bird species through advanced flight pattern monitoring and risk reduction, marking the first such deployment in Asia.

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Masdar released an episode of Power to Change, its original documentary series, spotlighting the Kingdom of Saudi Arabia’s emerging role as a regional renewable energy leader, through the eyes of the country’s next generation of clean power innovators.

The episode features Srrah AlGheithy and the Estidamah solar car team, an all-Saudi group of engineers who have developed an electric vehicle capable of travelling an astonishing 3,000km without recharging. Their secret? Solar power.

Designed and built entirely in the Kingdom, the solar EV is a symbol of the country’s growing investment in youth-led technology and sustainable transportation. The Estidamah team is embarking on a 3,700km journey across Saudi Arabia to raise awareness of renewable energy, showcase national innovation and spark conversation about the future of clean mobility.

“It’s really important for us to showcase the car across the Kingdom,” says AlGheithy. “We hope to bring attention to the major strides the Kingdom has made when it comes to technology development and renewable energy.”

Established to unlock the potential of young people in sustainable tech development, Estidamah reflects a broader transformation underway in Saudi Arabia, one that Masdar is proud to support through a growing portfolio of strategic partnerships and projects.

The Kingdom of Saudi Arabia is a strategic market for Masdar, which has already delivered several landmark renewable energy projects and continues to expand its pipeline.

The South Jeddah Noor Solar PV Plant, a 300-megawatt facility developed in partnership with Masdar, powers 45,000 homes and offsets 430,000 tonnes of CO2 annually. Meanwhile, Dumat Al Jandal, one of the largest wind farms in the region, displaces nearly 1 million tonnes of CO2 emissions each year.

Saudi Arabia is undergoing a significant energy transformation, positioning itself to become a renewable energy leader in the region.

By engaging with young people and supporting initiatives like Estidamah, Masdar is helping to foster a culture of innovation and demonstrate the importance of clean technologies in building a sustainable future.

“It’s encouraged the youth to explore and experiment in the field of renewable energy,” says AlGheithy. “There’s a lot of innovation and there really is no limit to what we can achieve together.”

• Project financing secured to fund the construction of the plant, set to be one of the world's largest solar installations

• Financing committed by eight leading regional and international banks

• Consortium partners worked closely with the Saudi Power Procurement Company and lending group to finalize the project and financing arrangements

Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, and consortium partners GD Power and Korea Electric Power Corporation announced today they have reached financial close for the 2-gigawatt (GW) Al Sadawi solar photovoltaic (PV) project, a landmark project under the National Renewable Energy Program (NREP) which is led and supervised by the Ministry of Energy.

Project financing facilities have been secured with eight leading regional and international lenders, which will cover a substantial part of the total project costs, estimated at approximately US$1.1 billion.

Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar, said: “Masdar is actively committed to supporting Saudi Arabia’s clean energy objectives and this landmark project will add to our growing portfolio in the Kingdom. Today’s announcement marks a significant step in Saudi Arabia’s clean energy journey, with the Al Sadawi plant set to be one of the largest solar power projects in the world. We look forward to working closely with our partners to achieve full energization for the project, which will help shape the future of clean energy for the Kingdom.”

The Al Sadawi Independent Power Producer (IPP) Project marks a significant milestone in the Kingdom's journey towards its Energy Mix target of achieving 50% renewable energy by 2030. Set to be one of the world’s largest solar plants, the project will contribute substantially to sustainable development and reduce carbon emissions in the Kingdom of Saudi Arabia.

Located in the Eastern Province, the project will be developed on a Build, Own, and Operate (BOO) basis, with a 25-year Power Purchase Agreement (PPA) signed with the Saudi Power Procurement Company (SPPC) late last year. The plant is expected to commence early generation at full capacity in early 2027, with commercial operation targeted for the same year.

The participating banks in the Al Sadawi financing are Standard Chartered Bank, KEXIM, ADCB, BNP Paribas, ADIB, Bank of China, HSBC and Société Générale.

• Annual report details deployment of over US$1.685 billion in green bond proceeds to clean energy projects by end of 2024

• For every US$1 million invested in green bonds in 2023 and 2024, approximately 3,700 tonnes of CO2 equivalent are avoided annually

• Updated Green Finance Framework enables further investment in next-generation clean technologies such as green hydrogen and energy storage systems

Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, today published its 2024 Green Finance Report, outlining the renewable energy projects financed by Masdar’s green bond issuances and impacts achieved.

More than US$1.685 billion in green bond proceeds from 2023 and 2024 issuances were allocated as of 31 December, to new solar, onshore and offshore wind, and energy storage projects. These deployments are catalyzing the development of clean energy across the United Arab Emirates, Saudi Arabia, the United States, Germany and the United Kingdom, as well as markets such as Uzbekistan, Azerbaijan and Serbia.

The report shows that for every US$1 million invested through Masdar green bonds, approximately 3,700 tonnes of CO₂ emissions are avoided every year through beneficiary projects. This brings the total avoided emissions attributed to its green bonds to more than 6.28 million tonnes of CO2 per year.

Mazin Khan, Chief Financial Officer at Masdar, said:

In March this year, Masdar revised its Green Finance Framework to broaden eligibility to include green hydrogen and stand-alone battery energy storage systems. Moody’s Investor Services subsequently re-affirmed Masdar’s Sustainability Quality score of SQS1 (Excellent) in its Second Party Opinion, and verified that the Framework is aligned with international best practices including the ICMA Green Bond Principles and the Green Loan Principles.

Following this, demand for Masdar’s US$1 billion green bond issuance in May 2025 led to 6.6x oversubscription, with allocation finalized with a split of 85 percent to international investors and 15 percent to MENA investors. This year’s issuance brings the total amount raised since the company began its green bond program in 2023 to US$2.75 billion.

Masdar’s green bond program is complemented by broader financing activities, including US$6 billion in non-recourse financing in 2024 to develop 11GW of clean energy across 12 projects in 9 countries.

Upholding its commitment to transparency in sustainable finance, Masdar engaged Ernst & Young to provide a limited assurance review of the allocation of proceeds and selected environmental impact metrics outlined in its 2024 Green Finance Report.

For more information, visit www.masdar.ae/en/investors

• Masdar/EDF joint venture signs Memorandum of Understanding with Emirates Development Bank

• Under agreement, Emerge will identify and present potential financing opportunities for renewable energy projects, with EDB considering providing tailored financing options

Emerge, a joint venture between Masdar and the EDF Group, and Emirates Development Bank (EDB), the UAE’s key financial engine for economic diversification and industrial transformation, have signed an agreement to explore areas of collaboration in developing and financing distributed solar projects in the UAE.

Under the Memorandum of Understanding, Emerge will identify and present potential financing opportunities for renewable energy projects, which EDB will evaluate and explore possible tailored financing solutions.

His Excellency Ahmed Mohamed Al Naqbi, CEO, Emirates Development Bank, said:

Mohamed Jameel Al Ramahi, CEO, Masdar, said:

Luc Koechlin, CEO Middle East, EDF Group, said:

Through its tailored financing solutions and strategic support, EDB continues to drive innovation, foster business growth, and support the UAE's journey toward achieving its Net Zero ambitions. As the nation moves towards a sustainable energy future, EDB remains committed to empowering businesses and entrepreneurs, ensuring the long-term success of the UAE’s renewable energy sector.

Emerge was formed in 2021 to develop distributed solar, battery storage, off-grid solar and hybrid solutions for commercial and industrial clients. The company currently supplies clean electricity to more than 40 commercial, industrial, educational and hospitality sites across the GCC region.

• 20-year solar agreement to deliver clean electricity through a 621 kWp rooftop PV installation at Misk City

• Project will avoid more than 600 tons of CO₂ emissions annually, supporting LEED green city certification and ParkSmart sustainability certifications contributing to a greener city

• Emerge to provide full turnkey solution including financing, design, construction, and long-term operations and maintenance

Emerge, the energy solutions joint venture between Masdar and EDF power solutions, has signed a long-term solar energy agreement with Misk City to deliver sustainable electricity over the next 20 years – marking a milestone in the City’s journey to becoming a model of environmental innovation and green urbanism.

The signing ceremony was held in Riyadh at Misk City and attended by including David Henry, CEO of Misk City, Omar AlDaweesh, Emerge board member, Michel Abi Saab, General Manager of Emerge, and Samuel Ménard, Economic Counsellor and Anouar Mekkas, Nuclear and Renewable Energy Advisor at the French Embassy in Riyadh.

The agreement will see the development of a 621-kilowatt peak (kWp) rooftop solar photovoltaic (PV) plant atop a dedicated carport structure and other assets within Misk City, located in the northwest of Riyadh. Once operational, the system is expected to significantly reduce the city’s CO₂ footprint, contributing significantly to Misk City’s ambition of achieving a higher level of environmental performance through LEED (Leadership in Energy and Environmental Design) certification and establishing itself as one of the region’s most advanced green urban communities.

Misk City is the world’s first nonprofit city of its kind—a pioneering urban model that reflects the Kingdom’s ambition to cultivate knowledge, creativity, and sustainable development in alignment with Vision 2030. Designed to integrate innovation, education, and sustainability, Misk City offers a dynamic, human-centered environment that attracts talent and fosters entrepreneurship and creativity. It serves as a regional hub for education, digital media, culture, and the arts, strategically positioned as a leading platform for both local and international institutions.

With sustainability at its core, Misk City is committed to setting new benchmarks in green urbanism. From renewable energy integration and utilizing green schemes, to fostering walkability urban context and smart mobility solutions, the City reflects a holistic approach to an outstanding urban development.

Building on a framework agreement signed earlier this year, the partnership reflects both entities’ shared commitment to decarbonization, energy innovation, and sustainable urban transformation. Emerge will undertake the full development and delivery of the project, including engineering and design, financing, procurement, construction, operations and maintenance.

David Henry, CEO of Misk City, said:

Omar AlDaweesh, Emerge board member and CEO for Saudi Arabia and Bahrain, EDF Group and EDF power solutions, said:

Ali Alshimmari, Emerge board member and Director, Strategic & Special Projects, Masdar, said:

Established in 2021, Emerge specializes in delivering solar PV, battery storage, and hybrid energy solutions for businesses of all sizes, from SMEs to large corporations, across both on-grid and off-grid environments. Its innovative solar power agreements empower organizations to host solar facilities at their own sites without any upfront investment, giving them access to reliable, clean electricity while lowering operational costs and carbon emissions.

Through this agreement, Misk City will harness one of the Kingdom’s most abundant natural resources – solar energy – to power its future, reduce its environmental impact and set a benchmark for sustainable cities across the region.