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• Proceeds from third green bond issuance will be invested exclusively in greenfield renewable energy projects under Masdar’s Green Finance Framework

• Bond demand led to 6.6x oversubscription, reflecting significant investor confidence in Masdar’s financial resilience and strategic direction

• Issuance brings total amount raised since company began green bond program in 2023 to US$2.75 billion

Abu Dhabi Future Energy Company PJSC – Masdar today announced it has issued another US$1 billion green bond, bringing the total outstanding under its green bond program to US$2.75 billion, and reinforcing the company’s global leadership position in sustainable finance.

The bond was issued in two equal tranches of US$500 million, with tenors of 5 and 10 years and coupons of 4.875% and 5.375% respectively. The bond attracted significant oversubscription with a peak orderbook of US$6.6 billion, with strong demand from both regional and international investors, including dedicated green funds. Spreads over US Treasuries landed at 80bps for the 5-year tranch and 90bps for the 10-year, representing the tightest pricing achieved on Masdar’s issuances to date. Allocation was finalized with a split of 85 percent to international investors and 15 percent to MENA investors.

Masdar is widely recognized as a global leader in sustainable finance, with successive green bonds of US$750 million and US$1 billion in 2023 and 2024, which have been fully allocated to new greenfield projects in developed and developing economies. The company’s green bond program is complemented by its other financing activities, which in 2024 included the issuance of US$6 billion of non-recourse financing for the development of more than 11 gigawatts (GW) of clean energy capacity across 12 new projects in nine countries.

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

Mazin Khan, Chief Financial Officer of Masdar, said:

Masdar updated its Green Finance Framework in March this year, with the eligibility criteria expanded to include green hydrogen and standalone battery storage projects. Moody’s reaffirmed its Sustainability Quality Score of SQS1 (Excellent), the highest possible rating, for the updated framework in April.

In line with Masdar’s corporate credit ratings, the company’s third bond issuance was rated AA- by Fitch and A1 by Moody’s. The joint lead managers and bookrunners on the issuance were First Abu Dhabi Bank, Abu Dhabi Commercial Bank, J.P. Morgan, ING, Intesa Sanpaolo, Bank of China, DBS Bank, BNP Paribas and Crédit Agricole.

• Masdar signs collaboration agreement with Samruk-Kazyna during official visit of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan to Kazakhstan

• The agreement will support the development of ‘24/7’ project providing up to 500MW of baseload renewable energy and battery energy storage projects with up to 2GW capacity

• The ratification of an Intergovernmental Agreement between the UAE and Kazakhstan on development of Masdar’s 1GW wind farm was also announced.

His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, and His Excellency Kassym-Jomart Tokayev, President of the Republic of Kazakhstan, witnessed a collaboration agreement between Abu Dhabi Future Energy Company PJSC – Masdar and Samruk-Kazyna JSC, related to the development of renewable energy and battery energy storage system (BESS) projects in Kazakhstan.

His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, and Nurlan Zhakupov, Chief Executive Officer of Samruk-Kazyna, exchanged documents related to the collaboration agreement at the Presidential Palace in Astana. 

Under the agreement, Masdar, the UAE’s clean energy leader, and Samruk-Kazyna, Kazakhstan’s sovereign wealth fund, will explore the development of a ‘24/7’ project that will provide up to 500 megawatts (MW) of baseload renewable energy, and BESS projects with up to 2 gigawatts (GW) capacity. Masdar is currently developing a 1GW wind farm with a 600-megawatt-hour (MWh) BESS in Kazakhstan, set to be one of the largest wind projects in the region.

Additionally, during the ceremony, the ratification of the agreement between the governments of UAE and Kazakhstan for the development of the 1GW wind project was announced – a significant milestone toward the project’s implementation.

HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Masdar Chairman, said:

Nurlan Zhakupov, CEO of Samruk-Kazyna, said:

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

Kazakhstan is targeting generating 15 percent of electricity from renewable energy sources by 2030 and 50 percent by 2050. Masdar signed an agreement at COP28 with W Solar, Qazaq Green Power QGP, a Samruk-Kazyna Group company, and the Kazakhstan Investment Development Fund to develop and implement the 1GW wind project. The power purchase agreement and the investment agreement for the project were signed at COP29 in Baku last year, with construction expected to begin in 2026.

Masdar announced a significant advance in battery storage technology this year, with the launch at Abu Dhabi Sustainability Week (ADSW) of the world’s first gigascale 24/7 solar and battery storage project. Located in Abu Dhabi, the project will feature a 5.2GW (DC) solar photovoltaic (PV) plant, coupled with a 19 gigawatt-hour (GWh) BESS to deliver up to 1GW baseload power every day – the largest combined solar and BESS project in the world.

With abundant solar and wind resources, Central Asia is a key strategic region for Masdar. Beyond its footprint in Kazakhstan, the company has an active presence across the region, including Uzbekistan and Azerbaijan. Masdar is targeting a 100GW global portfolio capacity by 2030.

• Nahdi, Saudi Arabia’s largest pharmacy business, partners with Emerge to develop rooftop solar panels at IMDAD.

• The 3MWp distributed solar project will provide the facility with clean energy, avoiding more than 3,000 tonnes of CO₂ annually.

• The announcement grows Emerge’s foothold in the Saudi market and highlights Nahdi’s commitment to sustainability under Vision 2030

In line with the ambitious sustainability targets of Saudi Vision 2030 and contributing actively to the goals of the Saudi Green Initiative, Nahdi Medical Company, the largest retail pharmacy chain in Saudi Arabia, has announced a new partnership with Emerge, a joint venture between Masdar and the EDF Group. The partnership aims to develop a 3 megawatt-peak (MWp) rooftop solar installation to power IMDAD, Nahdi’s Distribution Center.

With a tenure of 15 years, Emerge will provide a full turnkey solution for the project, including the finance, design, procurement, construction, operations and maintenance for the entire length of the agreement. The solar installation at IMDAD will help to avoid more than 3,000 tonnes of CO₂ annually, decarbonizing Nahdi’s central logistical operations and yielding substantial environmental advantages for all its business aspects. The emissions reduction achieved by the project will be equivalent to meeting the electricity consumption of 625 households for one year.

Eng. Yasir Jamal, Chief Supply Chain Officer, stated:

Michel Abi Saab, Emerge General Manager, said:

Emerge was formed in 2021 to develop distributed solar, battery storage, off-grid solar and hybrid solutions for commercial and industrial clients. The company today supplies clean electricity to more than 40 commercial, industrial, educational and hospitality sites across the region. Building on this expertise, Nahdi Medical Company has partnered with Emerge to advance its sustainability ambitions across its extensive operations. This collaboration between a leading energy solutions provider and the largest retail pharmacy and healthcare network reflects a shared commitment to driving a greener, more sustainable future for the region.

• Masdar leadership delegation, led by Chairman Dr. Sultan Al Jaber, visit headquarters of Greece’s renewable energy leader as it completes delisting from Athens Stock Exchange

• Acquisition demonstrates Masdar's commitment to accelerating renewable energy growth in Greece and Eastern Europe

• TERNA ENERGY to play key role in enhancing Masdar’s portfolio in Europe, targeting an operational portfolio capacity of 6GW by 2030

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy leader, announced today its subsidiary TERNA ENERGY has completed its delisting from the Athens Stock Exchange, following Masdar’s acquisition of 100 percent of the company’s stock last month.

A delegation led by His Excellency Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Masdar Chairman, together with Chief Executive Officer Mohamed Jameel Al Ramahi, toured TERNA ENERGY’s Athens headquarters and met employees from across the organization.

They held strategic discussions with TERNA ENERGY Executive Chairman Georgios Peristeris, the first since the acquisition, centered on Masdar’s strategy to expand the business and accelerate renewable energy growth in Southeastern and Central Europe.

H.E. Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Masdar Chairman, said:

Through the acquisition, Masdar will simultaneously support Greece’s National Energy and Climate Plan, the EU’s ambition to reach net zero emissions by 2050, and advance its own global target of achieving 100 gigawatts (GW) of clean energy capacity by 2030. TERNA ENERGY is targeting an operational portfolio capacity of 6GW by 2030 and will be supported by Masdar’s long-term capital and global expertise.

Mohamed Jameel Al Ramahi, Masdar CEO, said:

Georgios Peristeris, Chairman and CEO of GEK TERNA and Executive Chairman of TERNA ENERGY, said:

The delisting from ATHEX follows a productive first quarter for TERNA ENERGY, which has seen the continuation of construction on key projects in Greece and Bulgaria, including the Amphilochia plant, one of largest pumped storage hydropower projects in Europe, and Masdar’s first pumped hydro project in the region.

The business has also reached final investment decisions on new solar, wind and battery projects with combined capacity of 250MW. These plants are due to be operational within the next two years.

Masdar acquired 70 percent of TERNA ENERGY from GEK TERNA SA and other shareholders in November last year, in a deal that gave the company an enterprise value of 3.2 billion euros – the biggest energy transaction on the Athens Stock Exchange at the time, and one of the largest in the EU renewables industry. An all-cash mandatory tender offer (MTO) and squeeze-out process for the remaining 30 percent of the company, at a price of 20 euros per share, was completed last month.

• Masdar signs agreements with PT PLN (Persero) on sidelines of state visit of Prabowo Subianto, President of Republic of Indonesia, to UAE

• MoU signed to develop Jatigede floating solar plant after Masdar achieved lowest tariff in Hijaunesia 2023 bidding program

• Agreement also signed to explore the potential expansion of Cirata Floating Photovoltaic Power Plant

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy leader, and PT PLN (Persero), Indonesia’s state-owned electricity company, have signed two agreements that will advance the development of floating solar power projects in Southeast Asia’s largest energy market.

The companies signed a Memorandum of Understanding (MoU) to develop a floating solar power plant at the Jatigede Dam reservoir in West Java, after Masdar secured the lowest tariff in the Hijaunesia 2023 bidding program. Development of the plant is due to start this year, with completion scheduled for 2027.

Masdar and PLN also signed a ‘Principles of Agreement’ to explore the potential expansion of Masdar’s 145MWac Cirata Floating Photovoltaic Power Plant, the first phase of which began operations in November 2023.

The agreements were signed on the sidelines of the state visit of H.E. Prabowo Subianto, President of the Republic of Indonesia, to the UAE. The signatories were Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Dr. Darmawan Prasodjo, President Director of PT PLN (Persero).

The agreements build on the UAE’s strong relationship with Indonesia and will contribute to the country’s goal of achieving net-zero emissions by 2050. Last year, President Prabowo announced plans to add over 75GW of renewable energy capacity in the next 15 years as part of Indonesia’s shift to a low-carbon economy. In February, the government established a new strategic investment management agency, Danantara Indonesia, designed to manage and enhance the global competitiveness of key state-owned enterprises, including PLN.

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

Darmawan Prasodjo, President Director of PT PLN (Persero), added,

Masdar’s innovative Cirata project began operations in 2023, with the plant now generating enough renewable energy to power 50,000 homes, while displacing 214,000 tonnes of carbon emissions per year. Following regulatory changes increasing the proportion of water coverage allowed for renewable energy usage, Masdar and PLN signed an agreement in 2023 to work on jointly assessing the increase of Cirata’s capacity. This latest agreement follows the successful completion of studies into the feasibility of the expansion.

Indonesia, the world’s largest archipelago with more than 17,000 islands and over 600 natural lakes and reservoirs, offers ideal conditions for the growth of floating solar power.

Indonesia is a key strategic partner in Southeast Asia for the UAE, where it has an expanding portfolio of interests, including a strategic investment in 2023 that marked Masdar’s entry into the geothermal energy sector. Masdar opened an office in Jakarta in 2021 to further strengthen links with key players within the region.

Masdar has significantly increased its global renewable energy portfolio in the past two years, increasing overall capacity 150 percent to 51GW by the end of 2024, from 20GW in 2022. 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 and to become a leading producer of green hydrogen by the same year.

• Conclusion of mandatory tender offer gives Masdar 100 percent ownership of Greek clean energy champion, having acquired 70 percent last year

• TERNA ENERGY shares will be delisted from the Athens Stock Exchange, following approval from the Hellenic Capital Market Commission

• Providing significant capital investment in Greece and other EU countries, the acquisition demonstrates Masdar's commitment to accelerating renewable energy growth in Southeastern and Central Europe, unlocking renewable energy capacity and supporting the EU's net zero by 2050 goals

• TERNA ENERGY to play an important role in enhancing Masdar’s portfolio across Europe as it targets 100GW global clean energy capacity by 2030

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy leader and one of the world’s fastest-growing renewable energy companies, announced today that it holds 100 percent of Greece’s TERNA ENERGY SA, following the successful completion of an all-cash mandatory tender offer (MTO) and squeeze-out process for the remaining 30 percent shares of the company at a price of 20 euros per share.

Masdar acquired 70 percent of TERNA ENERGY from GEK TERNA SA and other shareholders in November last year, in a deal that gave the company an enterprise value of 3.2 billion euros – the biggest energy transaction on the Athens Stock Exchange at the time, and one of the largest in the EU renewables industry.

TERNA ENERGY has been a key player in the renewable energy sector in Southeastern and Central Europe for over two and a half decades, holding the largest and most diversified portfolio in Greece, as well as projects in Bulgaria and Poland and has a solid pipeline of growth opportunities. Greece’s renewable energy leader owns and operates clean energy projects across wind, solar, biomass and hydro technologies – and is building one of the largest pumped hydro projects in Europe, the 680MW Amfilochia project. Of the company’s total installed capacity of 1,224 MW in Greece and abroad, 102 MW are located in Poland and 30 MW in Bulgaria. TERNA ENERGY continues the development of its portfolio with 197 MW of photovoltaic (PV) projects currently under construction in Greece and Bulgaria.

Following the successful completion of the MTO and squeeze-out, Masdar will initiate the process for the company’s delisting from the Athens Stock Exchange, subject to regulatory approval from the Hellenic Capital Market Commission.

The transaction is expected to provide significant capital investment in Greece and wider Europe, supporting the company’s contribution to Greece’s National Energy and Climate Plan (NECP) and the EU’s net zero by 2050 target. The successful acquisition demonstrates the scale and ambition of Masdar’s growth plans in the region, and further solidifies Masdar’s role as a trusted global energy transition partner to governments, investors, developers and communities across the globe.

The company’s Executive Chairman, Georgios Peristeris, and other members of the senior management team are continuing in their current leadership roles, supporting Masdar and TERNA ENERGY in their next phase of growth.

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

Georgios Peristeris, Chairman and CEO of GEK TERNA and Executive Chairman of TERNA ENERGY, said:

Masdar has retained Rothschild & Co. as sole financial advisor, and Simmons & Simmons and Bernitsas Law as legal advisors, in connection with the transaction.

• Masdar, through its Iberian platform Saeta, has closed an investment agreement for the construction and commissioning of one of the largest solar PV installations in Valencia of 234MW, with a potential BESS hybridization of 259MW

• The deal underscores the strategic value of the Valle Solar project, highlighting Spain’s leading role within the European renewable energy sector

• Latest investment builds on Masdar’s ambitious growth plans in Spain as the company targets 100GW of global clean energy capacity by 2030

Abu Dhabi Future Energy Company PJSC – Masdar (“Masdar”), the UAE’s clean energy leader, announced today the investment through its subsidiary Saeta of one of the largest solar PV projects in Spain’s Valencia region, Valle Solar. This landmark project, initially promoted by the joint venture of Genia Solar Energy and Solar Ventures, is the next step in Masdar's commitment to expansion in Spain, driving growth across the renewable energy sector.

This agreement is a further step towards securing the construction of the plant, which is located in the municipalities of Ayora, Jarafuel and Zarra. It is expected to be operational in the first half of 2027 and will consist of a 234 megawatt (MW) photovoltaic plant, with the potential to add the hybridization of Battery Energy Storage Systems (BESS) of 259MW.

Valle Solar integrates initiatives supporting biodiversity and local communities, showcasing a best-in-class example of integration between local wildlife protection and renewable energy production, reflecting Masdar’s commitment to sustainability and social responsibility.

Masdar is one of the world’s fastest-growing renewable energy companies. The acquisition of Valle Solar by Saeta underscores Masdar’s commitment to Spain's energy transformation, while progressing its growth plans in the Iberian Peninsula and Europe as the company targets a global clean energy portfolio capacity of 100GW by 2030.

The agreement between Saeta Yield, Genia Solar and Solar Ventures establishes Valle Solar as an exemplary model of sustainable development, where clean energy production is combined with respect for the environment and commitment to the community. This project represents a significant step towards decarbonization and the strengthening of the local economy, becoming a benchmark for future initiatives in the field of renewable energies. Furthermore, this investment agreement not only advances the energy sector, but also establishes a model of collaboration that can be replicated in future projects.

In this transaction, Watson Farley & Williams, G-advisory, EY and Finergreen advised Solar Ventures and Genia Solar Energy, and Saeta Yield was advised by Broseta, Solida and Pérez-Llorca.

• Masdar set to invest €184 million to acquire 49.99% of four Endesa solar assets in Spain with a capacity of 446 MW, subject to regulatory approvals and other conditions

• Agreement will build upon Masdar’s 2024 acquisition from Endesa in Spain of a 49.99% stake in 2GW portfolio of solar assets, with a potential BESS hybridization of up to 0.5GW

• Proposed agreement will further strengthen Masdar’s position in one of EU’s largest solar markets, supporting Spain’s NECP targets and the EU’s Net Zero 2050 goal

• As one of the world’s fastest-growing renewable energy companies, Masdar has a current capacity of more than 50 GW and is targeting 100GW by 2030

Madrid, Spain; Abu Dhabi, UAE, March 24, 2025 – Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy leader, announced today an agreement with Endesa S.A. to acquire a 49.99 percent stake in four solar plants in Spain, with a total capacity of 446 megawatts (MW). The transaction, which is subject to regulatory approvals and other conditions, would see Masdar invest €184 million for the stake in the assets, which have an enterprise value of €368 million.

These operating assets mark a significant milestone in Masdar’s continued growth in the Iberian Peninsula and across Europe, and further its commitment to advancing the region’s renewable energy ambitions. The proposed acquisition follows last year’s agreement between Masdar and Endesa to partner in a portfolio of over 2GW of solar assets, with the potential to add 0.5GW of battery storage, in one of Spain’s biggest renewable energy transactions in recent years.

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

Flavio Cattaneo, Enel Group CEO, said.

Masdar’s continued partnership with Endesa is expected to play a significant role in helping Spain meet its National Energy and Climate Plan (NECP) targets. Last year, Masdar also acquired Saeta, an established renewables platform with an operating portfolio of 745MW of predominantly wind assets, and a 1.6GW development pipeline in Spain and Portugal. This latest transaction brings Masdar’s total operational capacity in the Iberian Peninsula to 3.2GW.

Masdar is committed to supporting the EU reach its 2050 net-zero targets. Last month, Masdar and global energy leader Enel Group, to which Endesa belongs, signed a Memorandum of Understanding (MoU) to explore potential renewable energy opportunities in countries including Italy, Spain, and Germany.

Advisors:
Masdar has retained BNPP as its transaction advisor, Linklaters as legal advisor, UL as technical advisor, PwC as its tax advisor.

Banks:
The acquisition will be partially funded via acquisition financing from BNPP, Santander, Intesa Sanpaolo, ADCB and FAB. Lenders were advised by Ashurst.

• New ground-mounted solar plant with an installed 3MWp renewable capacity

• Plant expected to avoid more than 3,850 tonnes of CO₂ annually, equivalent to more than 800 households’ electricity usage for a year

• Installation strengthens Emerge’s presence in the agricultural sector, supporting the country’s net-zero goals

The signing took place in presence of Dr. Ali Mohammed Al-Sheikhi Assistant Deputy Minister for the Livestock and Fisheries sector at the Ministry of Environment, Water, and Agriculture

Riyadh, Saudi Arabia – March 23, 2025: Tanmiah Food Company, one of the Middle East’s leading providers of fresh poultry, processed proteins, animal feed, health products, and a restaurant operator, is pleased to announce a new partnership with Emerge, a joint venture between Masdar and the EDF Group. The agreement was signed at the Ministry of Environment, Water, and Agriculture by Zulfiqar Hamadani, Group CEO of Tanmiah Food Company, and Michel Abi Saab, General Manager of Emerge.

As part of this collaboration, Emerge will develop a 3 megawatt-peak (MWp) solar power plant at Tanmiah’s facility in Haradh, reinforcing our commitment to sustainability and supporting the Kingdom’s clean energy objectives.

Under the agreement, Emerge will provide a full turnkey solution for Tanmiah, including finance, design, procurement, construction, operations, and maintenance of the installation for 25 years. The solar power plant will provide 35% of the electricity required to run the agriculture processing facility, avoiding more than 3,850 tonnes of CO₂ annually. This is equivalent to more than 800 households’ electricity usage for a year.

Zulfiqar Hamadani, Group CEO Tanmiah, commented:

Michel Abi Saab, Emerge General Manager, added:

Sustainability is embedded in Tanmiah’s operations, with the Company’s vision to become the number one global halal sustainable healthy protein company by 2030. This renewable energy partnership with Emerge will support the Company in making this vision a reality.

The solar power agreement with Tanmiah underpins Emerge’s ambitions to help the agricultural sector adopt clean energy sources at no upfront cost. This is the second project for Emerge supporting the decarbonization of agricultural operations in the GCC. 

Emerge was formed in 2021 to develop distributed solar, battery storage, off-grid solar and hybrid solutions for commercial and industrial clients. The company today supplies clean electricity to 38 commercial, industrial, educational and hospitality sites across the region.

Y4S named ‘Innovator of the Year’ for Middle East and North Africa region in Sustainable Energy for All’s Energy Heroes Awards 2025

Masdar’s Youth 4 Sustainability (Y4S) initiative, has been named ‘Innovator of the Year’ for Middle East and North Africa region in the Energy Heroes Awards 2025, recognizing its leadership in empowering the next generation of sustainability champions.

Presented by Sustainable Energy for All (SEforALL), the award celebrates Y4S's outstanding contribution to equipping young people with the skills and knowledge needed to drive energy transformation and build a sustainable future. Y4S is a global initiative that invests in and actively supports the development of young people.

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

Y4S achieves its objectives through a comprehensive suite of programs. The Sustainability Ambassadors (SA) program is a year-long program aimed at senior high-school students (aged 15-18), designed to enable them to become sustainability champions through skills training, work experience, and networking opportunities. The Future Sustainability Leaders (FSL) program is a year-long initiative connecting university students and young professionals (aged 19-35) with global business leaders, policymakers, and technology pioneers.

SEforALL, launched by former United Nations (UN) Secretary-General Ban Ki-moon in 2011, is an international organization working in partnership with the UN, governments, the private sector, financial institutions and civil society to drive action on the achievement of Sustainable Development Goal 7, which calls for universal access to sustainable energy by 2030, and the Paris Agreement goal of reducing greenhouse gas emissions.