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• Masdar completes acquisition of 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 for an enterprise value of €1.2 billion

• Landmark deal strengthens Masdar’s portfolio in Iberian Peninsula and Europe, as company targets global capacity of 100GW by 2030

Masdar, the UAE’s clean energy leader, has completed the acquisition of Saeta Yield (“Saeta”) from Brookfield Renewable (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC), together with its institutional partners (“Brookfield”), for an implied enterprise value of 1.2 billion euros (equity value of 696 million euros).

The acquisition of Saeta, an established renewables platform equipped with end-to-end capabilities and strong growth opportunities, strengthens Masdar’s footprint in the Iberian Peninsula. Saeta consists of an operating portfolio of 745 megawatts (MW) of predominantly wind assets - 538MW of wind assets in Spain, 144MW of wind assets in Portugal and 63MW solar PV assets in Spain - and includes a 1.6 gigawatt (GW) development pipeline.

The deal demonstrates Masdar’s commitment to accelerating the energy transition on the Iberian Peninsula and Europe, advancing its growth plans in the region as the company targets a global capacity of 100GW by 2030.

• Masdar has successfully completed the acquisition of 70% of the outstanding shares of TERNA ENERGY to become majority shareholder of the Greek clean energy champion

• Following the closing of the transaction, Masdar will seek regulatory approvals for launch of an all-cash mandatory tender offer to acquire all the remaining shares

• Masdar will bring long-term capital and global expertise to supercharge TERNA ENERGY’s growth plans as it targets 6GW of renewable energy operational capacity by 2029, supporting the energy transition in Greece and Eastern Europe

• The acquisition will play an important role in growing Masdar’s portfolio in Europe as it targets 100GW global capacity by 2030

Abu Dhabi Future Energy Company PJSC – Masdar (“Masdar”), the UAE’s clean energy leader, announced today that it has successfully completed the acquisition of 70% of the outstanding shares of TERNA ENERGY SA (TENERGY.AT) from GEK TERNA SA (GEKTERNA.AT) and other shareholders, and received all regulatory approvals. The deal, agreed at a price of 20 euros per share, valued TERNA ENERGY at an enterprise value of 3.2bn euros, representing the largest ever energy transaction on the Athens Stock Exchange, and one of the largest in the EU renewables industry.

Following the closing of the transaction, Masdar will seek regulatory approvals from the Hellenic Capital Markets Commission (HCNC), for the launch of an all-cash mandatory tender offer (“MTO”) to acquire the outstanding shares of TERNA ENERGY.

TERNA ENERGY has been a key player in the renewable energy sector for over two decades, holding the largest and most diversified portfolio in Greece, as well as projects in Bulgaria and Poland. The company owns and operates clean energy projects across wind, solar, biomass and hydro technologies - Greece's renewable energy leader is also building one of the largest pumped hydro projects in Europe, the 680MW Amfilochia project. With TERNA ENERGY currently operating a capacity of 1.2 gigawatts (GW), the acquisition reflects Masdar’s confidence in the company’s impressive growth potential, targeting 6GW by 2029. TERNA ENERGY will play an important role in enhancing Masdar’s portfolio across Europe as it targets 100GW global capacity by 2030 in support of the energy transition.

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

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, Bernitsas Law, Latham & Watkins as legal advisors, in connection with the transaction and financing.

GEK TERNA Group was supported by Reed Smith LLP and Potamitis Vekris, who were the international and Greek legal advisors for the transaction respectively, while Morgan Stanley has been acting as sole financial advisor to TERNA ENERGY.

• Silk Road Fund intends to invest up to RMB 20 billion (equivalent to USD 2.8 billion) in projects alongside Masdar

• Collaboration will focus on projects primarily in the developing world and global south

• Aligns with Silk Road Fund’s goal to provide investment and financing support for sustainable development in Belt and Road countries and projects

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, and China’s Silk Road Fund (SRF) have signed a Memorandum of Understanding (MoU) to explore potential co-investment opportunities in renewable energy projects in Belt and Road Initiative (BRI) countries, primarily in the developing world and global south.

The MoU was signed at COP29 by Masdar Chief Executive Officer, Mohamed Jameel Al Ramahi and the Silk Road Fund Chairwoman, ZHU Jun.

Under the MoU, Masdar and Silk Road Fund will establish a strategic partnership to pursue co-investment opportunities in renewable energy projects developed, invested in or operated by Masdar. Silk Road Fund plans to invest up to RMB 20 billion (equivalent to USD 2.8 billion) in projects alongside Masdar.

Masdar has significant investments in the Middle East, Central Asia, Southeast Asia and Africa, many of which are participants in the Belt and Road Initiative. The company will continue to invest in these regions as part of its strategy to reach 100GW renewable energy capacity by 2030.

SRF’s renewable power portfolio totals more than 7GW in Belt and Road regions, including the Middle East, Africa, Southeast Asia and Latin America. SRF honors its sustainablility philosophy by working with top-notch strategic and financial partners to help realize the United Nation’s vision of sustainable development.

Commenting on the MoU, Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi said:

Silk Road Fund’s Chairwoman, Zhu Jun said:

The BRI connects Asia, Europe, Africa and other parts of the world through a network of infrastructure and trade projects. It serves as a vital link to bolster economic, trade, and investment interactions among the participating countries and regions.

The UAE has been an active partner in the BRI since the initiative was launched and has already invested $10 billion in a joint China-UAE investment fund to support BRI projects in East Africa.

Since its establishment in 2006, Masdar has been a key enabler of the UAE’s vision as a global leader in sustainability and climate action. 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. It has set a target of 1 million tonnes per annum of green hydrogen or equivalent derivatives in the UAE and globally within a decade.

• Agreement witnessed by the Prime Minister of Albania, HE Edi Rama

• Joint venture term sheet to explore the deployment of GW-scale renewable energy projects in Albania for the supply of power to Albania and neighboring countries via cross-border interconnections

• Agreement will focus on solar, wind, and hybrid renewable projects with potential battery storage

Abu Dhabi Future Energy Company PJSC (Masdar) and Korporata Elektroenergjitike Shqiptare (KESH) – Albania Power Corporation - have signed a joint venture term sheet agreement to explore the development of gigawatt-scale renewable projects in Albania.

The signing ceremony took place in Baku, Azerbaijan on the sidelines of COP29, witnessed by the Prime Minister of Albania, HE Edi Rama, His Excellency Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President and Chairman of Masdar, and Her Excellency Belinda Balluku, Deputy Prime Minister and Minister of Infrastructure and Energy for Albania. The agreement was signed by Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Erald Elezi, Chief Executive Officer of KESH.

The joint venture term sheet agreement aims to develop, construct, and operate renewable energy projects utilizing a range of renewable technologies, including solar PV, wind, and hybrid solutions, with potential integration of battery storage. The energy produced is expected to be supplied to the Albanian market and exported to neighboring countries.

Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President and Chairman of Masdar, said:

Her Excellency Belinda Balluku, Deputy Prime Minister & Minister of infrastructure and Energy, commented:

The partnership aims to leverage KESH's position as Albania's leading energy producer and Masdar's global expertise in renewable energy development to accelerate Albania's clean energy transition. A landmark in the development of renewable energy capacity in Albania, the potential joint venture will benefit from Masdar's relationships with technology providers and financial institutions, as well as its operational expertise, while capitalizing on KESH's local market knowledge and existing infrastructure. Through this collaboration, Masdar and KESH are advancing Albania's decarbonization initiatives and contributing to the broader European energy market.

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

Erald Elezi, Chief Executive Officer of KESH, said:

The joint venture term sheet between Masdar and KESH is a crucial component of the broader strategic partnership between the UAE and Albania. It will play a vital role in increasing Albania's renewable energy capacity, meeting local demand while supporting its energy export capabilities to neighboring countries, and contributing to the region's energy security and sustainability goals.

Masdar has significantly strengthened its presence in Southeast Europe with its proposed acquisition of TERNA ENERGY, the largest developer and investor in renewable energy projects in Greece with a target capacity of 6GW by 2029. In addition, Masdar increased its investment in the Balkans with the recently announced financial close on the 154MW Čibuk 2 project in Serbia, adding to its existing 158MW Čibuk 1 wind farm and bringing its total capacity in the country to over 300MW.

• Report highlights how AI is critical for accelerating the net-zero energy transformation by boosting efficiencies, decarbonizing existing systems, and expanding carbon-free energy sources

• Report draws on insights from over 400 thought leaders in technology, energy and finance, including Jensen Huang, CEO of NVIDIA, Larry Fink, CEO of BlackRock and Patrick Pouyanné, CEO of TotalEnergies

• Jointly authored report calls for energy sector to accelerate investment in AI to drive decarbonization while securely responding to growing global electricity demand

ADNOC, Masdar and Microsoft have jointly published a new report titled “Powering Possible: AI and Energy for a Sustainable Future” exploring the transformative potential of artificial intelligence (AI) in driving the global energy sector towards a net zero future. The report highlights AI’s potential to optimize energy efficiency, manage complex energy systems, reduce greenhouse gas emissions, and innovate carbon-free energy solutions while addressing the growing energy demands of AI technology itself.

To create the report, the authors surveyed more than 400 experts across the fields of energy, technology and AI, academia and finance, including His Excellency Omar Al Alama, UAE Minister of State for Artificial Intelligence; Jensen Huang, CEO of NVIDIA; Larry Fink, CEO of BlackRock; Professor Anima Anadkumar of Caltech; and Patrick Pouyanné, CEO of TotalEnergies. The survey revealed that 92% of energy executives believe AI will have a significant impact on improving energy efficiency by 2030, and that by 2050, 97% expect AI to play a central role in developing new energy solutions. These findings emphasize AI’s potential to decarbonize traditional energy sources, drive efficiency gains and accelerate the energy transition.

The report has been published in advance of the ENACT Majlis, convened by H.E. Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, Chairman of Masdar, and ADNOC Managing Director and Group CEO. The ENACT Majlis is a CEO gathering of 60 world leaders in technology, energy and finance to seize the opportunities and find the solutions that embrace rapid and sustainable AI growth, to be held in Abu Dhabi on November 3.

His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of Masdar and ADNOC Managing Director and Group CEO, said:

The report highlights AI’s capacity to reduce methane emissions – a greenhouse gas that is 80 times more effective at trapping heat than carbon dioxide (CO2). Advanced AI tools being developed are anticipated to detect methane leaks with up to 20% greater accuracy compared to legacy technologies. These innovations are expected to play a vital role in helping the energy sector achieve the Global Methane Pledge, which aims for a 30% reduction in methane emissions by 2030.

Brad Smith, Vice Chair and President, Microsoft said:

The report also provides a roadmap to address AI-driven data centers’ rising energy demands, which are projected to nearly double their share of global electricity demand by 2026. The report highlights that while at a global scale AI’s electricity consumption is relatively small, in some regions, electricity demand for data centers can be a large percentage of total load. For example, according to the IEA, in the European Union, where data center electricity demand is expected to increase at ~9% per year, demand could exceed 5% of the total regional load by 2026. Building on the significant progress already underway to bring more carbon-free energy online, the collaboration between the technology and energy sectors is crucial to ensuring that growing electricity demand is met through sustainable and carbon-free energy solutions. Masdar, the UAE’s clean energy champion, highlights within the report the opportunity for AI to transform the global clean energy industry, as the data centers the industry requires will serve as an increasingly important driver of global energy demand, adding that to meet this demand sustainably will require a multifaceted approach to unleash the full potential of AI.

To view the full report, please visit: https://masdar.ae/en/thought-leader-reports/industry-reports/adnoc-masdar-and-microsoft-release-powering-possible-ai-and-energy-for-a-sustainable-future

• The transaction would see Masdar become a partner for 2.5 gigawatts (GW) of renewable energy assets in Spain, subject to regulatory approvals and other conditions

• Masdar will invest €817m to acquire a 49.99% stake in 2GW of solar energy plants, with a potential BESS hybridization for up to 0.5 GW

• Masdar has also signed an MoU with Endesa to explore an alliance aimed at jointly developing renewable energy projects in Spain

• One of Spain’s biggest renewable energy transactions in recent years, the partnership is expected to play a significant role in helping Spain meet its NECP targets and the EU’s net zero by 2050 target

• Agreement cements Masdar’s position in Spain, one of EU’s largest solar markets, advancing growth plans in Europe as company targets global capacity of 100GW by 2030

Abu Dhabi Future Energy Company PJSC – Masdar (“Masdar”), the UAE’s clean energy leader, announced today that it has reached an agreement with Endesa S.A. (“Endesa”) to become a partner for 2.5 gigawatts (GW) of renewable energy assets in Spain, subject to regulatory approvals and other conditions. The transaction would see Masdar invest €817 million to acquire a 49.99% stake, with an enterprise value of €1.7 billion, representing one of Spain’s biggest renewable energy deals.

The portfolio Masdar plans to acquire consists of 48 operational solar plants of 2GW aggregated capacity. Endesa and Masdar aim to add 0.5GW of battery energy storage system (BESS) to the projects. The partnership reinforces Masdar’s reputation as a trusted global energy partner for governments, investors, developers, and communities.

The deal demonstrates Masdar’s commitment to accelerating the energy transition in Spain and Europe, and these solar projects will play an important role in supporting Spain to meet its National Energy and Climate Plan (NECP) and the EU’s net zero by 2050 targets.

In addition to the acquisition Share Purchase Agreement (SPA), Masdar and Endesa have signed a Memorandum of Understanding (MoU) to explore an alliance aimed at jointly developing renewable energy projects in Spain.

The deal reflects Masdar’s ambitious growth plans in Europe, having recently announced that it has reached a definitive agreement with Greece’s GEK TERNA SA and other shareholders of TERNA ENERGY SA to initially acquire 67% of the company’s outstanding shares, subject to regulatory approvals and other conditions. With a strong portfolio of projects in Greece and Europe, TERNA ENERGY is targeting renewable energy operational capacity of 6GW by 2030.

In March this year, Masdar and Spain’s Iberdrola also reached financial close on the 476MW Baltic Eagle offshore wind project located in the Baltic Sea off the coast of Germany.

Masdar’s existing presence in Spain includes the Almenara 1.2GW solar photovoltaic (PV) project in the Castilla la Mancha region of Spain currently under development.

Masdar is jointly owned by TAQA, ADNOC, and Mubadala; Endesa is a subsidiary of the Italian energy giant Enel.

HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, said:

Flavio Cattaneo, CEO of Enel Group, said:

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

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

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

• WiSER Cares program completes a five-day course on adaptive agriculture in Marrakesh, Morocco.

• Course focused on addressing three core climate challenges facing the agriculture sector: water scarcity, soil degradation and erosion, and invasive pests and diseases.

• Eighteen WiSER Pioneers and local participants discovered invaluable insights into climate-resilient adaptive agriculture.

Women in Sustainability, Environment, and Renewable Energy (WiSER) - a global initiative established by the UAE’s two leading sustainability champions, Masdar and the Zayed Sustainability Prize - has successfully completed the latest instalment of its WiSER Cares program.

Taking place in Marrakesh, and entitled, “Adaptive Agriculture: Innovations in Technology and Practice for Water-Scarce Communities," the course formed part of WiSER's multidisciplinary program to engage members in sustainable community development.

Dr. Lamya Fawwaz, Masdar’s Executive Director of Brand & Strategic Initiatives and WiSER Program Director emphasized the direct impact of the course on the participants’ understanding of water access issues: “We are proud to offer the WiSER Cares course in Morocco as part of Masdar’s long-running effort to empower and equip young women with the knowledge and skills necessary to lead their communities and the world in building a more sustainable future.

“Through our core pillars of education, engagement and empowerment, WiSER Cares aims to provide courses that enhance the practical, theoretical and leadership skills of women through cultural exchange and building connections through a sustainability lens that works to accelerate the clean energy transition in rural off-grid communities,” added Dr. Fawwaz.

The course, led by global and local experts, focused on addressing three core climate challenges facing the agriculture sector: water scarcity, soil degradation and erosion, and the threat posed by invasive pests and diseases. It brought together 18 women – 13 WiSER Pioneers and 5 Moroccan professionals – to discover invaluable insights into the power of climate-resilient adaptive agriculture.

Organizations engaged included the University Mohammed VI Polytechnic (UM6P), Fondation Mohammed VI Pour La Protection De L’Environnement, National Institute of Research in Agronomy (INRA) CRRA, Museum Mohammed VI for the Water Civilization, CIPA-Pierre Rabhi Farm, and Gardens of Jnane Tamsna.

Participants were guided through a program of lectures and practical exercises, including site visits to farms, research centres, and agribusinesses. The immersive hands-on experience offered participants a firsthand look at the climate challenges faced by water-scarce communities. This facilitated discussions on a wide range of agriculture adaptation strategies aimed at tackling food insecurity and increase economic independence.

"This course provided an invaluable opportunity to learn about the innovative approaches used by various communities, institutions and pioneering civil organizations in adaptive agriculture and apply those lessons to real-world challenges," said Tosin George, Solar Operations Consultant at Garfana Energy and 2024 WiSER Pioneer. "I will take many important learnings and insights back to my community, and this will help prepare us better for the climate challenges that we are facing."

The program concluded with workshops on planting and harvesting, a demonstration of how solar energy can be harnessed for water pumping and conservation, as well as a visit to the Museum of the Water Civilization in Marrakesh, which focused on traditional water management and community engagement.

“We were thrilled to offer this immersive learning experience as part of the WiSER Cares initiative,” said Dr. Redouane Choukrallah, Senior Professor, Agricultural Innovation and Technology Transfer Center (AIITC) and University Mohammed VI Polytechnic (UM6P). “Equipping the next generation of female leaders with the knowledge and tools to tackle climate challenges is crucial for building resilient, food secure communities.”

WiSER is a global initiative 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 commitment traced directly back to the vision of 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.

First launched in 2018, WiSER Pioneers is a year-long program hosted annually that offers women from across the world, aged 25 to 35, access to bespoke educational workshops and global networking opportunities to inspire sustainability leadership.

• Collaboration will advance sustainable production of aluminium, one of UAE’s biggest exports

• Masdar and EGA will explore international opportunities to power new aluminium production facilities with renewable energy

• Aluminium plays a major role in the decarbonisation of many industries

Abu Dhabi Future Energy Company PJSC – Masdar, one of the world’s largest clean energy companies, and Emirates Global Aluminium (EGA), the largest ‘premium aluminium’ producer in the world, agreed an alliance to work together on aluminium decarbonisation and low-carbon aluminium growth opportunities.

The signing was witnessed by His Excellency Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, and Chairman of Masdar. Masdar and EGA will explore the joint development of renewable energy projects, with potential battery storage and green hydrogen production and storage, to support the decarbonisation of EGA’s existing operations in the UAE, and any future operations in the country.

The two companies will also work together internationally to find opportunities through which Masdar will support EGA to power new aluminium production facilities with renewable energy sources.

Masdar is a global leader in renewable energy and the UAE’s flagship clean energy company. It develops and operates utility-scale renewable energy projects around the world.

Aluminium production is energy-intensive, and generating the electricity required using fossil fuels accounts for about 60 per cent of the global aluminium industry’s greenhouse gas emissions.

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

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said:

EGA produces one-in-every 25 tonnes of aluminium made worldwide. The company’s metal is the biggest made-in-the-UAE export after oil and gas and is shipped to more than 50 countries.

In 2021, EGA became the first company in the world to make aluminium commercially using solar power, producing almost 39 thousand tonnes that year. In 2023, EGA produced some 66 thousand tonnes of CelestiAL solar aluminium.

Established in 2006, Masdar is the UAE’s clean energy powerhouse. It is active in more than 40 countries and has invested in a portfolio of renewable energy projects with a combined capacity of more than 20 GW. Masdar is committed to achieving at least 100 GW of total renewable energy capacity by 2030 and an annual green hydrogen production capacity of up to 1 million tonnes by the same year.

• Collaboration would support Uzbekistan’s ambitious renewable energy strategy by addressing intermittent supply challenges

• Agreement will explore feasibility of pumped storage hydro plants in several locations across Uzbekistan

• Announcement represents Masdar’s first entry into pumped storage hydro sector

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, has signed an agreement with JSC Uzbekhydroenergo, Uzbekistan’s state-owned hydroelectric power producer, to assess the feasibility of several pumped storage hydro projects in the country.

Pumped storage hydro can support the rapid adoption of intermittent renewable energy sources, such as solar and wind, with a stable, reliable storage solution that can operate at utility-scale.

According to the International Hydropower Association (IHA), pumped storage hydro accounts for over 90 percent of installed global energy storage capacity and it estimates pumped storage capacity could reach 240GW by 2030.

The announcement adds to Masdar’s growing number of renewable energy projects in Uzbekistan. In December 2023, solar and wind projects developed by Masdar with a combined capacity of 1.4GW were connected to the grid in Uzbekistan. The projects connected to the grid included the 500MW Zarafshan wind farm and three solar projects located in Jizzakh, Samarkand and Sherabad, which represent the largest solar development program in the region. Masdar has also signed an agreement to develop an additional 2GW wind project and deploy battery storage systems with a capacity of 1,150 megawatt-hours (MWh) across five existing projects in the country.

Hydropower technology is a significant part of Uzbekistan’s energy mix. The country has set a target of 6GW hydropower capacity by 2028. Current capacity is just over 2GW. Uzbekistan is also targeting 7GW of solar and 5GW of wind capacity by the end of this decade.

Masdar is aiming for a renewable energy portfolio capacity of 100GW by 2030, supporting the target set in The UAE Consensus to triple global renewables capacity by the end of this decade.

• Hybrid solar power station developed on twin-island nation under US$50m UAE-Caribbean Renewable Energy Fund – a partnership between UAE’s Ministry of Foreign Affairs, Abu Dhabi Fund for Development, and Masdar

• Initiative aims to deploy renewable energy projects across 16 Caribbean countries to reduce energy costs, increase energy access, and enhance climate resilience

• Masdar developed and implemented Green Barbuda project, which will contribute to nation’s goal of meeting 86 percent of electricity needs from renewable sources by 2030

The UAE-Caribbean Renewable Energy Fund (UAE-CREF), announced that the hurricane-resistant power project developed by Masdar for Antigua and Barbuda to withstand even the fiercest winds, is now operational.

In the wake of Hurricane Irma, which destroyed 95 percent of Barbuda on September 6, 2017, and forced all 1,800 residents to be evacuated to Antigua, the climate resistant plant is designed to survive 265 km-per-hour winds and provide a safe, reliable, and sustainable supply of electrical power for the island.

The hybrid solar, batteries, and back-up diesel project is already helping to support the twin-island nation’s objective of meeting 86 percent of its electricity sources from renewable energy by 2030.

The Green Barbuda project was formally inaugurated at an event on the island of Barbuda by Hon. Gaston Browne, Prime Minister of Antigua and Barbuda, H.E. Hazza Ahmed Al Kaabi, the UAE Ambassador to the Republic of Cuba, and Ambassador Brian Challenger, the Ministry of Energy of Antigua and Barbuda, accompanied by a delegation from local and state entities.

Masdar developed and implemented the Green Barbuda project as part of its work under UAE-CREF, the largest renewable energy investment of its type in the region. Fully financed by the Abu Dhabi Fund for Development (ADFD), the US$50 million UAE-CREF was launched at Abu Dhabi Sustainability Week 2017 as a partnership between the Ministry of Foreign Affairs (MoFA), ADFD and Masdar. New Zealand, Antigua and Barbuda and the CARICOM Development Fund (CDF) also provided funding for the project.

HE Mohamed Saif Al Suwaidi, Director General of ADFD, said:

HE Sultan Al Shamsi, Assistant Minister of Foreign Affairs for International Development Affairs, commended the project, which will both enhance sustainable development efforts in Caribbean countries, and consolidate the UAE's leading role in providing foreign aid, and promoting global peace and prosperity.

Prime Minister of Antigua and Barbuda, Gaston Browne, said,

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

The bespoke project combines a hybrid solar photovoltaic (PV) plant, featuring 720 kilowatts-peak (kWp) of solar PV panels, connected to a 863 kilowatt-hour (kWh) battery, and capable of fully meeting the island’s current daytime energy demand. The plant will enable Barbuda to reduce annual diesel fuel consumption by 406,000 liters and cut carbon dioxide emissions by over 1 million kg.

The UAE-CREF initiative intends to deploy renewable energy projects in 16 Caribbean countries in three cycles to reduce energy costs, increase energy access, and enhance climate resilience. Projects have already been successfully launched in the Bahamas, Barbados, and Saint Vincent and the Grenadines.

As the UAE’s clean energy powerhouse and one of the world’s leading renewable companies, Masdar is at the vanguard of advancing the development and deployment of renewable energy and green hydrogen technologies to address global sustainability challenges.

Established in 2006, Masdar is active in more than 40 countries and has more than 20GW of capacity including operational, under construction or advanced development projects in its worldwide portfolio. Masdar has invested, or committed to invest, in worldwide projects with a combined value of more than US$30 billion with ambitious growth plans to reach 100GW by 2030.