Newsroom

• 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.

• Project financing secured for approximately £3.6 billion (€4.1 billion) to fund the construction of 1.4GW offshore wind farm in the UK, set to be one of the largest in world

• Masdar’s largest-ever financing facility and among the biggest for offshore wind globally to date

• Financing committed by 24 leading credit institutions, with oversubscription of 40%

Masdar, a global clean energy leader, and Iberdrola, one of the world’s largest energy companies, today announced they have reached financial close for the 1.4-gigawatt (GW) East Anglia THREE offshore windfarm, in one of the biggest offshore wind transactions this decade.

Project financing facilities totaling £3.6 billion (€4.1 billion) have been secured with 23 banks and the Danish Export Credit Agency (EIFO), in one of the biggest such transactions in the sector and the largest ever by Masdar. The financing will cover a substantial part of the total project costs, estimated at approximately €5.2 billion. The facility was oversubscribed by more than 40 percent, reflecting lenders’ confidence in the project’s fundamentals and the robustness of the partners.

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

Masdar and Iberdrola announced their co-investment in East Anglia THREE this month, with each party taking a 50 percent stake and having co-governance of the 1.4GW asset, which will be pivotal in advancing Europe’s ambitious offshore wind development targets.

Located off the Suffolk coast in the UK, East Anglia THREE will become one of the world’s two largest offshore wind farms when it comes into operation in Q4 2026, delivering enough clean energy to power 1.3 million British homes.

The project benefits from long-term revenue security through a 15-year CPI-linked Contract for Difference (CfD) awarded in the UK Government’s AR4 and AR6 auctions, as well as a Power Purchase Agreement (PPA) with Amazon signed in 2024. Over 2,300 jobs are expected to be created during construction, with 100 long-term roles supported across its lifetime.

The co-investment in East Anglia THREE marks a significant milestone in the €15 billion strategic partnership Masdar and Iberdrola signed in December 2023 – one of the largest ever bilateral alliances in the global clean energy sector – to accelerate clean energy deployment across key markets including the United Kingdom, Germany, and the United States.

The participating banks in the East Anglia THREE financing are: BBVA, HSBC, ING, NatWest, SMBC, MUFG, Bank of China, Crédit Agricole, CaixaBank, Santander, BNP Paribas, Helaba, Barclays, ANZ, Rabobank, FAB, ICO, Abanca, Kutxabank, Standard Chartered Bank, Bank of Ireland, CIC and Siemens Bank.

Crédit Agricole CIB and MUFG acted as financial advisors for the transaction and A&O and Shearman acted as legal advisor to the borrower.

• Transaction aligns with Masdar’s strategic priority to focus on its core business areas of renewable generation as it targets global portfolio capacity of 100GW by 2030

• Tadweer Group acquires ownership of Masdar’s share of the Sharjah Waste-to-Energy plant and becomes a partner in the Emirates Waste-to-Energy joint venture with BEEAH, supporting significant contribution to landfill diversion in the UAE

• Having successfully partnered with Masdar throughout the project, BEEAH will now work with Tadweer Group through next expansion phase

Abu Dhabi Future Energy Company PJSC – Masdar, one of the world’s leading renewable energy companies, today announced the divestment of its stake, subject to customary closing conditions, in the Sharjah Waste-to-Energy plant to Tadweer Group, a leader in unlocking the value of waste. The move also brings Tadweer Group together with BEEAH, the region’s sustainability and innovation pioneer, as joint venture partners in the Emirates Waste-to-Energy company, which owns and operates the Sharjah Waste-to-Energy plant.

The acquisition by Tadweer Group of Masdar’s stake is a strategic decision to allow the two organizations to focus on their respective core business strategies. Masdar is continuing to ramp up its clean energy capacity, while Tadweer Group is focusing on its UAE operations and international expansion to support its ambitions to become an international leader in sustainably unlocking the value of waste. Tadweer Group and BEEAH will now synergize their waste management expertise for the sustainable operations of the Sharjah Waste-to-Energy plant, while paving the way for future projects through their Emirates Waste-to-Energy joint venture.

The Sharjah Waste-to-Energy project was inaugurated in 2022 under the Emirates Waste-to-Energy company as the first commercial-scale waste-to-energy plant in the Middle East. It plays a vital role in diverting waste from landfills and converting it into electricity, supporting the UAE’s broader sustainability objectives. Through the Emirates Waste-to-Energy joint venture, BEEAH and Tadweer will jointly own and operate the plant, including going forward with plans to increase its power output from 30 MW to 60 MW, while doubling processing capacity for hard-to-recycle waste and displacing twice the volume of emissions.

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

Ali Al Dhaheri, Managing Director and Chief Executive Officer of Tadweer Group, said:

Khaled Al Huraimel, Group CEO of BEEAH Group, said:

The finalization of this agreement underscores the partners’ commitment to advancing the UAE’s sustainability agenda. The organizations will continue to collaborate on innovative initiatives within the clean and renewable energy sector, reinforcing the nation’s role in driving the global energy transformation and contributing to a more sustainable future.

• Senior-level forum in Madrid that brought together more than 200 decision-makers from government, finance, and the broader Spanish energy ecosystem

• Dr Sultan Al Jaber visited Saeta’s Madrid headquarters to mark the company’s full integration into Masdar and align on an accelerated growth agenda

Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader – convened an exclusive, high-level business forum in Madrid to strengthen partnerships and position the company for its next phase of growth in the Iberian market.

Led by Dr Sultan Al Jaber, Chairman of Masdar, the Tuesday gathering assembled senior representatives from Spanish and Portuguese government entities, regulatory bodies, utilities, institutional investors, offtakers, and technology providers. The discussion centered on accelerating the Iberian Peninsula’s energy transformation and reinforcing Spain’s role as a strategic hub within Masdar’s European portfolio.

A cornerstone of Masdar’s European expansion strategy is its US $1.4 billion acquisition of Saeta, finalized last year. Operating across Spain and Portugal, Saeta now serves as a primary platform for scaling Masdar’s renewable-energy footprint and advancing regional decarbonization objectives.

During his visit to Saeta’s Madrid headquarters, Dr Al Jaber met with executive leadership and employees, celebrating the successful integration and outlining an ambitious roadmap to amplify Saeta’s market impact.

Masdar’s European investments continue to diversify through multiple channels. In addition to the Saeta transaction, Masdar concluded a €3.2 billion acquisition of TERNA ENERGY in Greece and entered a €1.7 billion strategic partnership with Endesa in Spain, acquiring a 49.99 percent stake in a 2.5GW portfolio of renewable assets – one of Spain’s largest clean-energy transactions in recent years.

Since its establishment in 2006, Masdar has developed and partnered in projects in over 40 countries, with a mandate to increase its renewable energy portfolio capacity to 100GW by 2030.

• One of the largest offshore wind transactions of the decade: Masdar and Iberdrola will co-invest €5.2 billion in the 1.4 GW East Anglia THREE project, each holding 50% and joint governance.

• First JV now online: The partners’ inaugural project – Baltic Eagle (476 MW) in Germany – has reached full energization.

• Strategic momentum: Both milestones advance the companies’ €15bn alliance to scale offshore wind and green hydrogen across the UK, Germany and the US.

Masdar, a global clean energy leader, and Iberdrola, one of the world’s largest energy companies, have reached two major milestones with a €5.2 billion co-investment in the UK’s East Anglia THREE offshore wind farm – one of the largest offshore wind transactions of the decade – and the full energization of their 476MW Baltic Eagle project in Germany.

These developments mark significant progress in delivering Europe and the UK’s offshore wind targets and advancing the companies’ €15 billion strategic partnership to accelerate clean energy deployment across key markets including the UK, Germany, and the US.

Signed in December 2023, the Masdar–Iberdrola partnership is one of the largest bilateral alliances in the global clean energy sector. Together, these projects accelerate Europe’s offshore wind build-out and underscore Masdar and Iberdrola’s commitment to tripling global renewable capacity by 2030.

East Anglia THREE co-investment agreement in the UK

Masdar and Iberdrola will co-invest in the 1.4GW East Anglia THREE wind farm in the UK, in one of the largest offshore wind transactions of the decade. Under the agreement, each company will have a 50% stake in and co-governance of the asset, which will be pivotal in advancing Europe’s ambitious offshore wind development targets. All the conditions precedent have been achieved and the transaction is expected to close shortly.

In addition, on 9 July the project financing for East Anglia Three was signed for approximately £3.5 billion - around €4.1 billion euros - with 24 international banks. Oversubscribed by 40%, the facility is one of the largest ever such transactions. It will cover a substantial part of the total costs of the project, estimated at approximately €5.2 billion, without consolidating debt in any of the partners’ financial statements.

Located off the Suffolk coast in the UK, East Anglia THREE will become one of the world’s two largest offshore wind farms when it comes into initial operation in Q4 2026, delivering enough clean energy to power 1.3 million British homes.

The project benefits from long-term revenue security through a 15-year CPI-linked Contract for Difference (CfD) awarded in the UK Government’s AR4 and AR6 auctions, as well as a Power Purchase Agreement (PPA) with Amazon signed in 2024. Over 2,300 jobs are expected to be created during construction, with 100 long-term roles supported across its lifetime.

Full energization of Baltic Eagle in Germany

Masdar and Iberdrola have also celebrated the completion and full energization of the Baltic Eagle offshore wind farm in the German Baltic Sea.

As the first project completed under the strategic partnership, the 476MW wind farm represents a major step forward in supporting Germany’s clean energy ambitions, reinforcing both companies’ leadership in renewable energy development. It will supply around 475,000 households with renewable energy while reducing carbon dioxide emissions by about 800,000 tons per year.

Baltic Eagle is the second of Iberdrola's three major wind farm projects in Germany, along with Wikinger (350MW, in operation) and Windanker (315MW, in planning). Collectively, these offshore wind farms form Iberdrola's Baltic Hub.

Baltic Eagle is Masdar’s first project with Iberdrola, its first in Germany and resulted in the company’s largest ever euro-denominated financing.

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

Ignacio Galán, Iberdrola’s Executive Chairman, said:

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

Masdar and Iberdrola will continue to jointly invest in future clean energy projects in Europe and in other markets. Work to identify other opportunities is already underway, with the anticipated total value of joint investments in offshore wind and green hydrogen as part of the partnership calculated at €15 billion.

As Masdar advances towards its target of 100GW of global clean energy capacity by 2030, its European footprint continues to expand and – following its landmark acquisitions in 2024 of Saeta Yield in Spain and TERNA ENERGY in Greece – is expected to contribute up to 30GW of capacity and support the region’s clean energy goals. In addition to its partnership with Iberdrola, Masdar has invested in wind and solar projects across key European markets, reinforcing its role as a long-term, trusted partner in the region.

Iberdrola invested €17 billion in electricity grids and renewable generation in 2024, further promoting the electrification of the economy and energy autonomy, and fostering competitiveness and employment worldwide. Of this, more than €5.4 billion was invested in renewables across core geographies, adding 2,600 MW of capacity to exceed 44,000 MW of green energy. Iberdrola is the leader of the European PPA market, signing 1,250 MW of PPAs and increasing long-term PPAs with key partners in 2024.

• 60MWp plant sets record as Emirate of Sharjah’s first utility-scale solar photovoltaic (PV) facility

• It is one of the world’s first large-scale oil & gas processing facilities to meet its own electrical needs—and export surplus power—using on-site solar generation.

• The plant will offset 66,000 tons of CO₂ emissions annually – equivalent to the yearly electricity consumption of 13,780 homes

• It will power SNOC’s operations while exporting surplus electricity to the Sharjah Electricity, Water and Gas Authority (SEWA) during the day

His Highness Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah, Chairman of the Sharjah Petroleum Department, and President of the Sharjah National Oil Corporation (SNOC), attended the opening of "SANA," the first solar power plant in Sharjah, on Wednesday morning. This new facility covers a large area of 850,000 square meters and can produce 60 megawatts of energy. It is located next to the Sajaa Gas Plant.

His Highness highlighted that launching Sharjah's first solar power plant marks an important step forward in the emirate's quest for sustainable energy. His Highness emphasized that this initiative is part of the broader goals of the emirate's Energy Council, which focuses on planning for the future of energy and water in the region.

His Highness emphasized that this project reflects Sharjah's dedication to protecting the environment and its focus on using clean and renewable energy. His Highness highlighted that the project is a great example of how teamwork and innovation can help create a greener and more sustainable future.

The inauguration ceremony began with the national anthem of the UAE. Eng. Khamis Al Mazrouei, the CEO of Sharjah National Oil Corporation (SNOC), gave a speech about the new station called “SANA,” which means bright light. He expressed his joy and pride in this achievement, which started as an idea from some of the company's engineers eight years ago who aimed to create renewable energy projects in Sharjah.

Al Mazrouei highlighted that the shift to using renewable energy is no longer just a choice; it’s something that must be done to keep up with the fast changes happening in the energy world. He pointed out that the leaders at SNOC are committed to making this transition a key part of their strategy, aiming to move towards a more sustainable and responsible way of operating. Al Mazrouei talked about the start of a solar power project back in 2018. It began with a small solar power plant, built at the Hamriyah LNG terminal, with a capacity to produce 300 kilowatts of energy. This facility was designed to power operations using clean energy, marking the first step toward what would eventually become the larger SANA solar power plant in the Sajaa area.

He emphasized that the SANA project is more than just a way to generate energy; it's also an investment in the country's talented workforce. Many of the workers involved in this project are Emirati nationals who graduated from local universities. Al Mazrouei highlighted that this initiative aligns with the goals of the Corporation to be a dependable energy provider. The focus is on achieving carbon neutrality, diversifying energy sources, and ensuring safe and sustainable practices. Ultimately, this project aims to bring lasting benefits to the Emirate of Sharjah, its residents, and the broader community.

The CEO of SNOC commended this achievement, which would not have been possible without the generous blessing of His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, the directives of His Highness Sheikh Sultan bin Mohammed Al Qasimi, Crown Prince, Deputy Ruler of Sharjah and Chairman of the Energy Council, and the leadership and follow-up of His Highness Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah, Chairman of the Sharjah Petroleum Department, and Chairman of the Sharjah National Oil Corporation (SNOC), and Sheikh Mohammed bin Ahmed Al Qasimi, Vice Chairman of the SNOC.

Al Mazrouei wrapped up his speech by thanking everyone who played a part in the success of the solar power plant project. He acknowledged the contributions of both people and organizations, highlighting their teamwork and strategic collaboration as key elements in making the project successful. He expressed his belief that what has been accomplished so far is just the start of even bigger goals we can achieve together in the future.

Abdulaziz Al Obaidli, Chairman of Emerge, delivered a statement during the inauguration ceremony of “SANA,“ expressing his genuine pleasure at the occasion. He noted that this project signifies a significant achievement not only for the Emirate of Sharjah but also for the United Arab Emirates and the broader region. Al Obaidli conveyed his gratitude to all stakeholders involved in the successful realization of this initiative, including the dedicated work teams, engineers, technicians, and consultants. Furthermore, he acknowledged the substantial support provided by Masdar and EDF in bringing this project to fruition.

Al Obaidli shared insights about the “SANA” project, highlighting that it’s much more than just a clean energy initiative. It symbolizes the leadership's commitment to renewable energy solutions and demonstrates that everyone involved is dedicated to building a more sustainable future. He pointed out that this project will boost energy security in Sharjah by producing clean energy. Additionally, it plays a crucial role in the fight against climate change by helping to reduce carbon dioxide emissions, making a tangible difference for both the environment and the economy, both locally and nationally.

The Chairman of Emerge highlighted the company's dedication to offering innovative and effective renewable energy solutions. These solutions help partners meet their environmental and economic goals. He also mentioned that the company has completed this project and will manage its operation and maintenance for the next 25 years. This shows the company's confidence in the region's potential and emphasizes the strong relationships it has built with partners who trust Emerge to deliver reliable, sustainable energy options.

Al Obaidli concluded his remarks by stating, "The success of the SANA project demonstrates the potential outcomes when visions are aligned and collaborative efforts are made between the public and private sectors. Emerge anticipates further partnerships in this area and aims for this achievement to serve as a starting point for additional initiatives that promote a more sustainable future for current and future generations."

His Highness, the Chairman of the SNOC, recently watched a film showcasing the development of the SANA plant. The film highlighted the key features of the facility and the hard work put in by the engineers and partners involved in the project.

Fatima Al Hammadi, Project Manager of SANA, delivered a speech in which she discussed the importance of the partnerships and efforts made to launch the solar power plant. She noted that the project originated from an individual's idea, which was later brought to life through collective efforts.

She pointed out that the SANA project is the result of real teamwork among different groups from various industries, such as electricity, gas, and clean energy. Everyone involved has the same aim: to promote clean energy. She praised the hard work that is contributing to a future with less carbon pollution.

His Highness Sheikh Sultan bin Ahmed recognized the partners by presenting them with special shields as a token of appreciation and took group photos with them. He also had the opportunity to meet the Emirati engineers involved in the project, expressing his admiration for their hard work and wishing them all the best for the future.

His Highness officially launched the solar power plant by pressing the inauguration button, marking the beginning of its operations. After that, His Highness took a tour of the site to explore the various facilities and features of SANA’s plant. The plant is the largest in Sharjah and is notable for being the first to utilize renewable energy to power the emirate's oil and natural gas facilities. Additionally, it is one of the first plants in the world designed to not only supply its own electricity needs but also to export any extra power it generates.

During the tour, His Highness was updated on the stages of the 60-megawatt SANA solar power plant project. This facility can produce clean energy that would be enough to power about 13,780 homes each year. By doing this, it helps to lower carbon dioxide emissions by 66,000 tons each year, contributing to a cleaner environment. The plant features 13,000 flexible poles that can move to follow the sun's path, maximizing energy collection. These poles support over 98,000 solar panels, working together to harness solar power efficiently.

His Highness received a description of how a new renewable energy plant works. This plant is designed to generate clean energy that will support the projects of the Sharjah National Oil Corporation. During the day, when the plant produces extra electricity, that energy will be sent to the Sharjah Electricity, Water and Gas Authority. At night, SEWA will supply the electricity needed for the Sharjah National Oil Corporation's operations.

The opening of the solar power plant marks an important step for SNOC as it works towards its goal of reaching net-zero emissions by 2050. This initiative is part of the UAE's broader plan for environmental sustainability. The solar plant not only shows SNOC's dedication to improving its energy practices and reducing carbon emissions but also promotes the use of different energy sources. This project is designed to benefit both the environment and the economy in the long run.

The solar power plant project is being developed with the support of the SNOC. This initiative is a collaboration between the Sharjah Electricity, Water and Gas Authority (SEWA) and Emerge, a partnership between the Abu Dhabi Future Energy Company (Masdar) and the French company EDF Group. Emerge has been chosen to oversee the operation of the plant.

The opening ceremony for the plant was graced by several dignitaries, including Sheikh Dr. Salem bin Abdulrahman Al Qasimi, Head of the Ruler's Office; Sheikh Mohammed bin Ahmed bin Sultan Al Qasimi, the Deputy Chairman of the Sharjah Petroleum Department and Deputy Chairman of SNOC, and several senior officials from the energy sector and representatives from companies involved in the project.

• New Abu Dhabi project sees the integration of solar power into Tabreed’s energy mix

The UAE Ministry of Defence, in partnership with Tabreed, the world’s leading district cooling company, and Emerge, a joint venture between the UAE’s Masdar, a global clean energy leader, and France’s EDF Group, announced today the completion of a new project to integrate solar energy into two district cooling plants serving the Ministry’s facilities in Abu Dhabi.

In March 2024, a partnership agreement was signed to develop solar PV plants to be operated for a period of 25 years. Approximately 4,000 solar panels have been installed at the district cooling plants, supplying their thermal energy storage infrastructure and chilled water pumps with 2.4 megawatt (MW) of clean electricity. This will help reduce reliance on the electricity grid during peak periods and prevent emissions of more than 2,600 tons of CO2 annually.

The project was officially inaugurated by a senior delegation from the Ministry of Defence, Tabreed and Emerge. This initiative follows the unveiling of the UAE Armed Forces Climate Change Strategy in December 2023, announced by the UAE Ministry of Defence to reinforce its commitment to reducing carbon emissions through a long-term energy transition.

Tabreed’s CEO, Khalid Al Marzooqi, explained that this achievement further strengthens the already close strategic relationship between the company and the Ministry of Defence, which began with the commissioning of its first district cooling plant in 1998. He added,

Michel Abi Saab, General Manager of Emerge, said:

• Leading international energy services company Turbotim partners with Emerge to decarbonize its operations

• Rooftop solar PV and battery energy storage system (BESS) to replace diesel generators at Turbotim facilities

• Project expected to deliver significant energy cost savings and cut over 2,178 tonnes of CO2 annually

Emerge, a joint venture between Masdar and the EDF Group, and Turbotim, a UAE-based energy solutions company, have signed an agreement during the Make it in the Emirates Forum to develop a new solar and battery energy storage project at Turbotim’s facilities in Ras Al Khaimah.

The project will feature a rooftop solar PV system with a total capacity of 1.52 megawatts peak (MWp) and a 5 megawatt-hour (MWh) battery energy storage system (BESS). It will be implemented as two identical hybrid installations – each comprising 763kWp of rooftop solar and 2.5MWh of battery storage. Emerge will provide a full turnkey solution, including finance, design, procurement, construction, operations and maintenance, under a 20-year contract.

Turbotim is currently operating its facilities using diesel generators. The company will significantly reduce its environmental impact by transitioning to a solar PV electricity generation and BESS, and is expected to cut significantly its electricity bills. The project will prevent more than 2.1 million tons of carbon dioxide annually – equivalent to the annual electricity consumption of 240 households or removing 474 petrol-powered cars from the road.

Dr. Saad Al Tameemi, Turbotim Chairman, said:

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 currently supplies clean electricity to more than 40 commercial, industrial, educational and hospitality sites across the GCC region.

• 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.