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• 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.

• WiSER’s new White Paper highlights importance of investing in female entrepreneurs driving the global sustainable economy, emphasizing gender-focused financing and inclusive policies

• AI and mentorship programs must be expanded to empower female entrepreneurs in climate sector

• Policy changes and targeted investments are critical for equitable sustainable solutions for women in the Global South

Women in Sustainability, Environment, and Renewable Energy (WiSER) - a global platform founded by Masdar and the Zayed Sustainability Prize to champion women as leaders of sustainable change - today launched its latest White Paper, Igniting a Global Sustainable Economy.

Its release coincides with International Women’s Day, celebrated annually on 8 March, which this year is themed ‘Accelerate Action’ to emphasize the importance of taking swift action to achieve gender equity.

WiSER’s White Paper underscores the vital role of female entrepreneurs in advancing climate solutions and offers key recommendations to close gender gaps in finance, scalability, AI, integration, mentorship and accessibility – especially for women in the Global South.

It builds on insights gathered during the 2025 WiSER Annual Forum at Abu Dhabi Sustainability Week (ADSW), which brought together over 100 global leaders, policymakers, and entrepreneurs to explore the transformative role of women in advancing the global sustainability agenda. With the theme, ‘Igniting a Global Sustainable Economy,’ the Forum emphasized the need to empower female entrepreneurs as catalysts for climate innovation and sustainable development.

The report outlines five key recommendations to empower female entrepreneurs in climate action by enhancing access to finance, scalability, AI enablement, networks, and accessibility, ensuring they have the resources, opportunities, and support needed to succeed and scale their impact:

• Increase Gender-Focused Investment: Expand funding and financial literacy programs to support female-led climate ventures, with a focus on gender-lens financing and microloans for adaptations projects.

• Scale Women-Led Climate Ventures: Streamline policies, enhance infrastructure, and foster partnerships to help female entrepreneurs expand their solutions.

• Harness AI and Digital Tools: Improve AI literacy and access to AI-driven technologies to support business growth and market entry.

• Strengthen Mentorship and Networking: Establish mentorship programs and cross-sector collaborations to provide women with the resources to succeed.

• Empower Women in the Global South: Address legal and financial barriers, invest in STEM education and improve access to markets and resources.

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

WiSER remains committed to empowering women as sustainability leaders through its pioneering initiatives, including the WiSER Pioneers program and WiSER Cares. The findings of this report will help shape future initiatives, ensuring that female entrepreneurs receive the recognition, resources and opportunities needed to lead global climate action.

To download the white paper, click here.

Alandalus Property Company has signed an agreement with Emerge, a leading renewable energy solutions provider and joint venture between Masdar and EDF Group, to provide solar power to three of its major commercial properties in Riyadh and Jeddah.

The agreement was signed by Eng. Faisal bin Abdulrahman Al-Nasser, CEO of Alandalus Property Company and Mr. Michel Abi Saab, General Manager of Emerge, in the presence of Omar Aldaweesh, CEO Saudi Arabia, EDF Group and Board Director of Emerge KSA, and Aurelien Delahaye, Deputy CEO Middle East, EDF Group.

Under the 10-year agreement, Emerge will finance, design, build and maintain the rooftop solar photovoltaic (PV) installations, with a total capacity of up to 3.4 megawatts peak (MWp), for the Hayat Mall in Riyadh, the Alandalus Mall and Alandalus Mall Hotel in Jeddah.

This partnership aligns with the Saudi Arabia Vision 2030 objective of utilizing renewable energy to reduce environmental impact and represents a significant step forward for Alandalus Property Company in advancing its commitment to environmental, social and governance principles.

Eng. Faisal bin Abdulrahman Al-Nasser, CEO, Alandalus Property Company, said:

Mohamed Jameel Al Ramahi, CEO, Masdar, said:

Omar Aldaweesh, CEO of EDF Saudi Arabia and Board Director of Emerge, said:

Emerge, which trades in Saudi Arabia as Al-Shorouk Sustainable Energy Company, is a joint venture between Masdar, the UAE’s clean energy leader, and France’s EDF Group to develop solar generation, energy storage and hybrid solutions in the Middle East. The company offers clients full turnkey solutions through solar power agreements at no up-front cost to the client. Recognized with multiple awards, it is committed to creating a greener, sustainable future by helping businesses meet their sustainability goals.

Alandalus Property Company is a pioneer in investment and development and owns a diverse portfolio of projects across the real estate development and retail sectors.

Las Majadas wind project will supply clean power to co-located data center;
Agreement provides an innovative solution to capture under-utilized electricity from wind farm.

SAN DIEGO, United States and ABU DHABI, United Arab Emirates (March 4, 2025): EDF Renewables North America and Abu Dhabi Future Energy Company – Masdar, co-owners of the Las Majadas Wind Project, have entered into a power purchase agreement (PPA) with data center developer and operator Soluna Holdings, Inc. (Soluna), (NASDAQ: SLNH). 

Under the terms of the agreement, Soluna will purchase up to 166 megawatts (MW) of energy produced by the Las Majadas Wind Project to power a Soluna data center to be built close to the wind project’s substation. 

Soluna’s data center, named Project Kati, will utilize behind-the-meter power generated by the wind project, while also curtailing their operations under certain market conditions when energy is most needed by the grid. This innovative PPA structure provides a flexible solution to the challenges of transmission constraints and curtailment, essentially allowing an alternate route to capture under-utilized electricity. In parallel, it provides clean power to an energy intensive operation—advanced computing applications, including artificial intelligence (AI).

Electricity consumption from data centers is growing and expected to reach 1,000 TWh, with the AI boom driving increased global demand. Renewable energy is expected to play a key role in supplying data centers with electricity, while helping suppliers meet net-zero targets.

According to Gabe Messercola, Associate Director, Capital Improvements Portfolio Management at EDF Renewables,

Dustin Priemer, Director of Asset Management, Masdar Americas said,

Las Majadas Wind, located in Willacy County in southern Texas, has a total capacity of 273 MW and became operational in 2021. 

• In presence of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and H.E. Giorgia Meloni, Prime Minister of Italy, companies sign framework agreement

• Agreement aims to facilitate collaboration on progressing tripartite strategic partnership framework signed by Italy, Albania and UAE at Abu Dhabi Sustainability Week 2025

• Agreement signed today supports the progress of the tripartite initiative focused on the establishment of a long term off take agreement with Eni S.p.A. acting as a preferred potential off-taker

In the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and Her Excellency Giorgia Meloni, Prime Minister of Italy, Abu Dhabi Future Energy Company PJSC – Masdar today signed an agreement with TAQA Transmission, part of TAQA Group, and Eni S.p.A., marking a significant step in progressing the tripartite strategic partnership framework between the UAE, Italy, and Albania.

The framework agreement, signed by Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, TAQA Group CEO Jasim Husain Thabet, and Eni CEO Claudio Descalzi, aims to facilitate collaboration on progressing the tripartite initiative, focusing on the establishment of a collaborative framework for signing a long-term power off-take agreement in Italy for the renewable energy capacity to be produced in Albania and transmitted through the cross border interconnection between Albania and Italy. Masdar – the UAE’s flagship renewable energy company – and TAQA Transmission were nominated as designated entities from the UAE and Korporata Elektroenergjitike Shqiptare (KESH) – Albania Power Corporation and OPERATORI I SISTEMIT TE TRANSMETIMIT SHQIPTARE (OST) were nominated as designated entities from Albania on the tripartite initiative, while Eni was identified as the preferred potential off-taker.

The tripartite strategic partnership framework, signed at Abu Dhabi Sustainability Week 2025, is focused on multilateral cooperation between the UAE, Italy, and Albania on renewable energy and energy infrastructure. The initiative aims to enhance energy security, promote sustainable development and accelerate the Mediterranean region’s energy transformation.

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

Jasim Husain Thabet, Group CEO and Managing Director of TAQA, said:

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

Claudio Descalzi, Chief Executive Officer of Eni, commented:

Masdar has significantly increased its renewable energy portfolio in the past two years, increasing overall capacity 150 percent to 51GW by the end of 2024, up from 20GW in 2022. This includes Masdar’s acquisition last year of a majority stake in TERNA ENERGY, the largest developer and investor in renewable energy projects in Greece, strengthening its position in Southwest Europe. Masdar is targeting a portfolio capacity of 100GW by 2030.