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• Two companies, Larsen & Toubro and POWERCHINA selected as preferred Engineering, Procurement and Construction (EPC) contractors for the project, which will be built in Abu Dhabi

• Masdar selects Jinko Solar and JA Solar as preferred suppliers for solar photovoltaic (PV) modules and CATL as preferred supplier for the battery energy storage system (BESS) for the combined solar and BESS project – largest in the world

• Masdar, in collaboration with EWEC, is developing the world’s first ‘round the clock’ gigascale combined solar and BESS project, capable of delivering 1GW of continuous clean energy

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy leader, announced today preferred suppliers and contractors to support the development of the world’s first large-scale ‘round the clock’ gigascale project, which will combine solar photovoltaic (PV) power and battery storage to deliver uninterrupted renewable energy.

JA Solar and Jinko Solar, two of the world's largest PV module suppliers, and CATL, the world’s largest battery manufacturer and a leading battery energy storage system (BESS) supplier, are preferred suppliers for the project, Masdar announced today at Abu Dhabi Sustainability Week (ADSW). Larsen & Toubro and POWERCHINA have been selected as preferred Engineering, Procurement and Construction (EPC) contractors for the project, which will be built in Abu Dhabi.

Letters of Award for the EPC contractors were signed today in a special ceremony at the Masdar Pavilion at ADSW, with Abdulaziz Alobaidli, Chief Operating Officer, Masdar, signing both. Yu Feng, President of HDEC International, signed for POWERCHINA, with Gao Fei, Vice President of POWERCHINA MENA Headquarter, witnessing. The Letter of Award for Larsen & Toubro was signed by A. Ravindran, Senior Vice President & Head - Renewables IC, with T. Madhavadas, Whole Time Director & Sr. Executive Vice President (Utilities), witnessing.

Masdar, in collaboration with EWEC (Emirates Water and Electricity Company), announced at ADSW that it is developing the gigascale project, capable of delivering up to 1 gigawatt (GW) of baseload power 24 hours a day, seven days a week. The project will feature a 5.2GW (DC) solar photovoltaic (PV) plant, coupled with a 19 gigawatt-hour (GWh) BESS, making it the largest solar and BESS project in the world.

Abdulaziz Alobaidli, Chief Operating Officer, Masdar, said:

Jinko Solar and JA Solar are preferred suppliers for PV modules amounting to 2.6GW capacity each, with both companies utilizing the latest TopCon technology with optimized parameters for maximum efficiency and production for 30 years.

CATL, as preferred supplier for the BESS, would supply its leading TENER technology for the total capacity of 19GWh, which features all-round safety, a long service life, and a high level of integration, ensuring the reliable, stable operation and high efficiency of the entire project lifetime.

 

The solar PV and BESS facility will provide unparalleled stability and efficiency by overcoming the intermittency of renewable energy. The 19GWh battery storage facility will enable seamless integration of solar power into the grid. This initiative also supports the UAE Energy Strategy 2050, and the facility will play a transformative role in energy systems, ensuring the UAE continues to lead by example in delivering towards the historic UAE Consensus agreed at COP28.

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.

• UAE’s clean energy leader signs implementation agreement with the Department of Energy and Memorandum of Understanding (MoU) with Board of Investments of the Republic of the Philippines to develop up to 1GW of renewable energy projects by 2030

• Signing ceremony witnessed by HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, and Raphael P. M. Lotilla, Secretary of Energy of the Philippines, on the sidelines of Abu Dhabi Sustainability Week 2025

• Projects will support Philippines National Renewable Energy Program target of 35% renewable energy in power generation by 2030

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy leader, has announced its entry into the Philippines market, signing agreements with the government of the Philippines to develop 1 gigawatt (GW) of clean energy projects to strengthen its growing portfolio in Southeast Asia.

The Implementation Agreement with the Department of Energy and the Memorandum of Understanding (MoU) with the Board of Investments of the Republic of the Philippines covers the development of solar, wind and battery energy storage systems (BESS) with a total capacity of up to 1GW by 2030.

The signing ceremony of both agreements was witnessed by HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar and Raphael P.M. Lotilla, Secretary of Energy of the Republic of the Philippines. The Implementation Agreement was signed by Undersecretary Dr. Rowena Cristina L. Guevara, Republic of the Philippines Department of Energy, and Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi, with the MoU exchanged between the Ambassador of the Republic of the Philippines to the United Arab Emirates, Alfonso Ferdinand A. Ver, and Masdar’s CEO.

The agreement, which will support the Philippines Energy Transition Program to achieve 35 percent renewable energy in power generation by 2030 and 50 percent by 2040, operationalizes the MoU on Energy Transition Cooperation signed in November 2024 between the Philippines and the UAE during the working visit of Philippine President Ferdinand R. Marcos Jr. to the country, which identified renewable energy as an area of collaboration.

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

Raphael P. M. Lotilla, Secretary of Energy at the Philippines Department of Energy, commented:

Secretary Lotilla further emphasized that the landmark partnership underscores the Philippines’ commitment to a clean energy future. By integrating renewable energy into the country’s energy mix on an unprecedented scale, the Administration of President Marcos Jr. is enhancing energy security while laying a strong foundation for sustainable economic growth and environmental stewardship. With Masdar’s support, the Philippines is setting a new benchmark for energy transition in the region.

Ceferino S. Rodolfo, Undersecretary at the Philippines Department of Trade and Industry, and Board of Investments Managing Head, commented:

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

The agreement marks Masdar’s entry into the renewables sector in the Philippines. Southeast Asia is a key investment destination for Masdar. The company has developed the region’s largest floating solar facility in Indonesia – the 145MW Cirata Floating Solar PV plant – which is generating enough electricity to power 50,000 homes. In February 2023, it entered the geothermal energy sector through a strategic investment in Pertamina Geothermal Energy. Masdar also signed a landmark agreement with the Malaysian Investment Development Authority in 2023 for the development of 10GW of clean energy projects across the country.

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.

• At opening of ADSW 2025, HE Dr. Al Jaber unveils world’s first renewable and battery storage facility to provide uninterrupted power, at scale, around the clock in Abu Dhabi. Unwavering support of UAE leadership enables breakthrough to “moonshot challenge” of intermittency.

• Masdar and EWEC partner on largest of its kind megaproject combining 5.2GW of Solar PV with 19GW hours of battery storage to produce 1GW of continuous baseload renewable energy.

• Calls for all stakeholders, industries and governments to unite around a single path to unlock growth, drive sustainable economic progress and unleash unprecedented economic opportunity.

• Global megatrends of AI and growth of emerging markets driving power demand from 9,000GW to over 15,000GW by 2035 and could reach 35,000GW by 2050.

• Dr. Al Jaber declares world is at “nexus of next”- a watershed moment that holds the opportunity to supercharge socioeconomic progress driven by megatrends

• Despite gains in renewable energy adoption, surge in global energy demand requires a diversity of energy options.

• Policies and regulations that prematurely reduce energy options are self-defeating. Energy and sustainability are not opposing forces, they are essential partners, Dr. Al Jaber says.

• Abu Dhabi’s XRG will help respond to emerging energy needs across the entire value chain, including gas, chemicals, low carbon fuels and energy infrastructure.

At the opening ceremony of Abu Dhabi Sustainability Week 2025 and the awards ceremony of the Zayed Sustainability Prize, HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Masdar Chairman, called for a new approach to unlock growth, drive sustainable economic progress and unleash unprecedented economic opportunity. At the first major international event of 2025, he noted that the world stands at a pivotal moment for progress driven by the global megatrends of emerging market growth, exponential rise of Artificial Intelligence and transformation of energy systems. Together these trends will require a diversity of energy sources to supercharge sustainable progress.

H.E. Dr. Al Jaber was speaking in the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE. Addressing an assembled audience which included 13 heads of state and over 140 ministers and government officials, he highlighted the UAE’s energy leadership - with world firsts and landmark achievements in solar, wind, nuclear, and AI, thanks to the far-sighted guidance of His Highness, the President of the UAE, and the legacy of the UAE’s founding father Shiekh Zayed Al Nahyan.

World stands at a pivotal moment

“As we enter the second quarter of the 21st century, we find ourselves at a pivotal moment. We are standing at the edge of two worlds, the world as we know it, and the world as it could be. This is a moment that I like to call ‘the nexus of next,’” HE Dr. Al Jaber said.

He emphasized that the world was poised at an inflection point driven by three powerful forces: the growth of emerging markets, the fundamental transformation of our energy systems, and the exponential growth of AI; with the potential to not just accelerate progress, but to “put progress into overdrive”.

UAE advancing leadership in energy, space and international diplomacy

HE Dr. Al Jaber said the UAE embodies “the nexus of next” as a nation uniquely positioned at the intersection of tradition and transformation, made possible under the legacy of the founding father of the UAE, Sheikh Zayed. Turning to His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, Dr Al Jaber continued,

“This legacy of leadership continues to this day. Your Highness, you are constantly inspiring us to break new ground. Under your guidance, we have set records in solar. From the biggest single site power plant to a world-leading desalination plant. We have set the pace in wind, creating wind farms that can operate in rough seas and at low speeds. We have set the bar in nuclear, with all four units of the Barakah plant fully operational. We have set benchmarks in Artificial Intelligence, from the Mohamed bin Zayed University of Artificial Intelligence, the first ever home-grown university entirely dedicated to AI, to strategic investment vehicles like MGX. We have set foot in space, sent a probe to Mars and we are not stopping there. We will soon send a mission to the asteroid belt with the MBR Explorer, and we will map our planet with our own satellite, MBZ-SAT.

“And it was your call for unity that nurtured multilateralism, allowed determination to conquer doubt and brought the world together to deliver the historic UAE consensus at COP28,” HE Dr. Al Jaber added.

Overcoming the barrier of renewable energy intermittency

HE Dr. Sultan noted that intermittency has been for decades one of the biggest barrier facing renewable energy, the ability to source constant power 24 hours a day, but thanks to a record-breaking UAE project, that barrier had been overcome.

“For decades, the biggest barrier facing renewable energy has been intermittency. It has been the moonshot challenge of our time. How can we power a world that never sleeps with energy sources that do? How can we transform renewable resources into reliable power? Today, we have an answer. Excellencies, colleagues and friends, I am pleased to announce the launch of the world’s first renewable energy facility capable of providing renewable energy, at scale, around the clock.

“In partnership with the Emirates Water and Electricity Company, Masdar is combining 5.2GW of solar capacity with 19GW hours of storage to produce 1 GW of uninterrupted clean power. This will, for the first time ever, transform renewable energy into baseload energy,” HE Dr. Sultan added.

Calls for a diversity of energy options to meet the world’s future energy demands

He highlighted the power surge being created by the three global megatrends, and particularly the growth in AI, creating unprecedented demands on power production.

“Before AI took off, power demand was already on track to grow from 9,000 to over 15,000GW by 2035. But with apps like ChatGPT growing by half a billion visits every month and using ten times as much energy as a google search, demand by 2050 could reach as high as 35,000 GW. We are talking about a 250 percent increase. I am sure you would all agree that no single source of energy can meet this demand.”

HE Dr. Al Jaber outlined the need for a diversity of energy options to ensure energy security and energy access for billions. In this regard he noted the newest addition to Abu Dhabi’s diversified energy portfolio, XRG. XRG is an energy investment company that will help respond to emerging energy needs across the entire value chain, including gas, chemicals, low carbon fuels and diverse energy infrastructure to ensure all energy- electrons and molecules- can get to the end user.

“In a world where a billion people still lack access to energy, we need to have a diversity of energy options. And allow me to be clear, policies and regulations that prematurely reduce those options are just self-defeating. Simply put, we need an and-and approach.

Highlighting the Zayed Sustainability Prize that puts people at the heart of progress

HE Dr. Al Jaber emphasized the importance of placing people at the heart of progress for the benefit of lives and livelihoods as embodied by the Zayed Sustainability Prize.

“The nexus of next means putting people at the heart of progress. It means uniting to address global challenges. And it means recognizing that no discovery is worth making unless it helps humanity and improves lives. That is what the Zayed Sustainability Prize is all about. Thanks to the Prize, every day, somewhere in the world, a village drinks clean water for the first time. A child is able to study under solar-powered light. A farmer harvests crops from land that was once barren. This continues the legacy of Sheikh Zayed, who believed that the future we are creating is not just about generating power — it's about empowering people.”

Setting a new path which unlocks growth, driving prosperity and unprecedented economic opportunity

In closing, Dr Sultan appealed for unity in charting a new path and new narrative that unites energy access and sustainability, calling for a new approach and new ways of thinking.

“For too long we have been trapped in a false choice between energy access and sustainability. This 'either-or' thinking is paralyzing progress. It is time to change the narrative. The truth is, energy and sustainability are not opposing forces. They are essential partners. The choice is not between two paths - it's about creating a new path, together. A path that unlocks growth, drives prosperity and unleashes unprecedented economic opportunity. A path that delivers the nexus of next.”

• 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.

• Proceeds will be used to invest exclusively in new greenfield renewable energy projects under Masdar’s Green Finance Framework

• Bond demand 4.6x oversubscribed, reflecting significant investor confidence in Masdar’s continued growth and sustainability credentials

• Projects financed by Masdar’s 2023 debut USD750 million green bond expected to mitigate 5.4 million tonnes in GHG emissions annually

• Masdar currently plans to raise up to USD3 billion in green bonds to support its goal of expanding portfolio to 100GW of renewable energy capacity by 2030

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, today announced it has successfully raised USD1 billion through its second green bond issuance, under its Green Finance Framework. The announcement comes one year after the company’s first successful issuance of USD750 million on the International Securities Market of the London Stock Exchange.

The issuance comprises dual tranches of US$500 million each, with tenors of 5 and 10 years and coupons of 4.875% and 5.25% respectively. There was strong appetite from regional and international investors with the orderbook peaking at US$4.6 billion, an oversubscription of 4.6x. Allocation was finalized with an average split of 70% to international investors and 30% to MENA investors.

The USD1 billion proceeds from the issuance will be deployed to fund Masdar’s equity commitments on new greenfield projects, several in developing economies, as the company pursues a target portfolio capacity of 100GW by 2030.

Highlighting the delivery of its commitments under the company’s Green Finance Framework, which attracts the highest possible rating from Moody’s of SQS-1, Masdar’s recently published 2023 Green Finance Report detailed the allocation and impact of its debut green bond. The proceeds have been used to fund projects in emerging markets and the Global South with 3.7GW in total nominal capacity and are expected to mitigate 5.4 million tonnes in GHG emissions annually when fully operational. In addition to the green bond programme, Masdar is making significant acquisitions of operational companies in mature markets, injecting capital as well as bringing expertise, and making a substantial contribution to the renewable energy capacity of global markets.

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

Mazin Khan, Chief Financial Officer of Masdar, said:

In line with Masdar’s corporate credit ratings, this second issuance was rated AA- by Fitch and A2 by Moody’s. Fitch recently upgraded Masdar's credit rating one notch to 'AA-', stable outlook, recognizing the company’s financial strength and the support from its shareholders, the latter evidenced by their significant contributions to fund Masdar's growth ambitions.

The joint lead managers and bookrunners on the issuance were First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Citibank, HSBC, Standard Chartered, Credit Agricole CIB, Natixis and MUFG.

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.

• Deal represents largest ever energy transaction on Athens Stock Exchange, and one of largest in EU renewables Industry

• Masdar has signed a definitive agreement with GEK TERNA and other shareholders to acquire initially 67%¹ of the outstanding shares of TERNA ENERGY at completion of the transaction at a price of 20.00² euros per share³

• The acquisition price⁴ represents an equity valuation of 2.4 billion euros and an enterprise value (EV) of 3.2bn euros

• Subject to closing of the transaction, Masdar will launch an all-cash mandatory tender offer to acquire all the remaining shares of TERNA ENERGY with the intention of reaching 100%

• The deal will provide significant capital investment in Greece and other EU countries, unlocking renewable energy capacity and supporting the EU’s net zero by 2050 goals

• TERNA ENERGY is expected to play an important role in growing Masdar’s portfolio across Europe as it targets 100 gigawatts (GW) global capacity by 2030 in support of the global energy transition

   

ABU DHABI, UAE & ATHENS, Greece – June 20, 2024 – Abu Dhabi Future Energy Company PJSC – Masdar (“Masdar”), the UAE’s clean energy leader, announced today that it has reached a definitive agreement with GEK TERNA SA (GEKTERNA.AT) and other shareholders of TERNA ENERGY SA (TENERGY.AT), with the intention to acquire initially 67% of the company’s outstanding shares at completion of the transaction, subject to regulatory approvals and other conditions. After completion of the transaction, Masdar will launch an all-cash mandatory tender offer to acquire all the remaining outstanding shares of the company with the intention of reaching 100%.

The transaction and subsequent offer values TERNA ENERGY’s total equity at 2.4bn euros⁵ with an enterprise value of 3.2bn euros, making it the largest ever energy transaction on the Athens Stock Exchange, and one of the largest in the European renewables market.

The deal is expected to provide significant capital investment in Greece and other European countries, supporting TERNA ENERGY’s contribution to Greece’s National Energy and Climate Plan (NECP) and the EU’s net zero by 2050 target. The proposed 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.

Background and reasons for the transaction

Established in 1997, TERNA ENERGY is a leading European clean energy platform, with a track record of more than 25 years of delivering innovative and sustainable projects. The company specializes in financing, developing, constructing and operating renewable energy facilities, focused on wind, solar, hydroelectric and pumped storage projects.

The company has recently announced its growth plan targeting renewable energy operational capacity of 6GW by 2030. With a strong portfolio of projects in Greece and Europe, TERNA ENERGY is the largest investor in the renewables energy sector in Greece.

The proposed acquisition is expected to play an important role in growing Masdar’s portfolio in Europe as it targets 100GW global capacity by 2030. It also reflects Masdar’s confidence in TERNA ENERGY's growth potential, as well as the strength of the Greek market and its renewables sector.

The transaction is aligned with GEK TERNA’s strategy of becoming the leading diversified infrastructure group in Greece and Southeast Europe and will accelerate the Group's path to a new growth era.

Demonstrating continuity in leadership, TERNA ENERGY’s Executive Chairman, Georgios Peristeris, and Chief Executive Officer, Emmanuel Maragoudakis, will continue in their current roles following completion of the transaction and support Masdar in leading the company in its next phase of growth.

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

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.

¹ Subject to regulatory approvals and other conditions precedent.

² Subject to customary adjustments.

³ Overall return to TERNA ENERGY shareholders also includes an agreed dividend distribution of €0.38 per share

⁴ Subject to customary adjustments

⁵ Ibid.

• President of Azerbaijan and COP28 President mark opening of Baku Energy Week with groundbreaking of wind and solar projects

• Three projects with 1GW capacity developed in partnership with SOCAR will accelerate Azerbaijan’s energy transition

• Projects part of Masdar’s 10GW pipeline supporting Azerbaijan’s ambitions to generate 30 percent of its energy capacity from renewable power by 2030

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse and SOCAR, the State Oil Company of Azerbaijan, have broken ground on three major solar and wind projects in Azerbaijan with a capacity of 1 gigawatt (GW).

The groundbreaking, which took place at the opening ceremony of Baku Energy Week, reinforces Masdar’s long-term commitment to Azerbaijan as a global strategic partner.

The ceremony was overseen by HE Ilham Aliyev, President of Azerbaijan, and HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President. Also in attendance were, HE Parviz Shahbazov, Azerbaijan Minister of Energy, HE Mikayil Jabbarov, Azerbaijan Minister of Economy and Chairman of the Supervisory Board of SOCAR and Masdar Chief Executive Officer, Mohamed Jameel Al Ramahi.

The three groundbreakings include the 445MW Bilasuvar Solar PV Project, 315MW Neftchala Solar PV Project and the 240MW Absheron-Garadagh Onshore Wind Project. Investment agreements for the projects were reached in October 2023, followed by the signing of Power Purchase Agreements, Transmission Connection Agreements, and Land Lease Agreements.

On the sidelines of Baku Energy Week, Masdar and SOCAR also signed a Shareholder Agreement for the three projects.

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

HE Parviz Shahbazov, Azerbaijan Minister of Energy said:

HE Mikayil Jabbarov, the Minister of Economy of the Republic of Azerbaijan, Chairman of the Supervisory Board of SOCAR said:

Masdar Chief Executive Officer Mohamed Jameel Al Ramahi said:

The groundbreaking follows Masdar’s completion of the 230MW Garadagh solar plant in October 2023, Azerbaijan’s first foreign investment-based independent solar power project, and the largest solar plant in the region.

Established in 2006, Masdar, the UAE’s clean energy champion, 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, whilst aiming to be a leading producer of green hydrogen by the same year.

• UAE Minister of Energy and Infrastructure, His Excellency Suhail Mohamed Al Mazrouei, witnesses signing on the sidelines of the World Water Forum, Bali, Indonesia

• Masdar signs agreement with Pertamina Power Indonesia to develop solar, wind and green hydrogen projects in Indonesia and internationally

• Signs Joint Development Study Agreement with PLN Nusantara Power for Cirata Phase II, and Masdar receives approval to develop up to 2GW of renewable energy in Indonesia’s new capital city, Nusantara

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, has signed strategic agreements for new renewable energy projects in Indonesia in support of the country’s energy transition. The agreements reinforce the ongoing partnership between the UAE and Indonesia towards developing the region’s renewables sector, while supporting Indonesia’s current and future energy needs.

The signing of the agreements on the sidelines of the 10th World Water Forum in Bali were witnessed by: the UAE Minister of Energy and Infrastructure and Special Envoy for His Highness the Minister of Foreign Affairs to Indonesia, HE Suhail Mohamed Al Mazrouei, UAE Ambassador to the Republic of Indonesia and ASEAN, HE Abdulla Salem Obaid Al Dhaheri, Indonesia’s Coordinating Minister of Maritime Affairs and Investment, HE General (Retd) Luhut Pandjaitan, Indonesia’s Ambassador for the UAE, HE Husin Bagis, and Director General of New, Renewable Energy, and Energy Conservation, Ministry of Energy and Mineral Resources (MEMR), Prof. Dr. Eng. Eniya Listiani Dewi.

The agreements were signed by Masdar’s Director of Development & Investment, Abdulla Zayed, the Chief Executive Officer Pertamina Power Indonesia (“Pertamina NRE”), John Anis, President Director of PLN Nusantara Power, Ruly Firmansyah, and Agung Wicaksono, Deputy Chair of Funding and Investment, Nusantara Capital City Authority.

His Excellency Suhail Mohamed Al Mazrouei said:

Mohamed Jameel Al Ramahi, Masdar’s Chief Executive Officer, commented:

The agreements included: a Memorandum of Understanding (MoU) with Pertamina Power Indonesia, for the development of solar, wind and green hydrogen projects in Indonesia and abroad. This builds on Masdar’s existing partnership with the company through Pertamina Geothermal Energy. The MoU represents a significant step forward in strengthening the strategic relationship between Masdar and Pertamina Power Indonesia.

Masdar also signed a Joint Development Study Agreement with PLN Nusantara Power for Cirata Phase II to triple capacity by up to 500MW, following the successful 2023 launch of the initial 145MW phase of the innovative floating PV project– the largest of its kind in the region.

Supporting the energy transition in urban environments, Masdar received approval to proceed towards developing up to 2GW of renewable energy in Nusantara, starting with 200 megawatts as phase 1, in Indonesia’s new capital city. This follows a proposal by Masdar to meet the city’s energy needs by 2045, using solar and wind projects.

John Anis, Pertamina NRE’s CEO, added:

Ruly Firmansyah, President Director of PLN Nusantara Power, said:

Bambang Susantono, Chairman of Nusantara Capital City Authority, commented:

Indonesia and Southeast Asia are key investment destinations for Masdar. The company has developed the region’s largest floating solar facility in Indonesia – the 145MW Cirata Floating Solar PV plant – which will generate enough electricity to power 50,000 homes. In February 2023, it entered the geothermal energy sector through a strategic investment in Pertamina Geothermal Energy.

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, and aims to be a leading producer of green hydrogen by the same year.

• Masdar, Infinity Power, and Hassan Allam Utilities sign a Land Access Agreement for 10GW mega wind project with the Egyptian Government

• Signing witnessed by Egyptian Prime Minister HE Moustafa Madbouly

• The project, set to be one of the largest in the world, will cut carbon emissions by 23.8 million tonnes a year – equivalent to 9 percent of Egypt's current carbon footprint

Abu Dhabi, UAE - May 15, 2024: Abu Dhabi Future Energy Company PJSC - Masdar, the UAE's clean energy powerhouse, along with Infinity Power, the largest African renewable energy developer, and Hassan Allam Utilities, a sustainable infrastructure focused development and investment platform, have today signed a Land Access Agreement with the Egyptian Government for the consortium's 10GW capacity onshore wind farm in Egypt, set to be one of the largest in the world, with a project value exceeding US$10 billion.

The agreement gives the Consortium access to a 3025 km2 area of land located in West Suhag, and will allow the consortium to conduct the necessary development studies to progress the project. This will include resource measurement campaigns, geotechnical and topographic surveys, in addition to the environmental studies to ensure minimal environmental impact.

These studies represent an important step forward in the project development, and the findings will be vital in progressing towards construction. Once under construction the wind farm will deliver significant benefits to local communities, including job creation with commitments to hire locally, community support initiatives, and the protection and support of the natural environment.

The landmark wind project will produce 47,790 GWh of clean energy per year and cut around 9 percent of Egypt’s annual carbon emissions by displacing 23.8 million tonnes of carbon dioxide annually. The wind farm will also help Egypt meet its strategic objective of sourcing 42 percent of its energy from renewables by 2030. The 10 GW wind farm will save the country an estimated US$5 billion in natural gas costs per year.

Witnessed by the Prime Minister of Egypt, HE Moustafa Madbouly and HE Dr. Mohamed Shaker, Minister of Electricity and Renewable Energy of Egypt, the agreement was signed by Mohamed Ismail Mansour, Chairman of Infinity Power, Karim Hefzy, Chief Operating Officer at Hassan Allam Utilities and Dr. Mohamed Asaad Taher, Senior Manager, Business Development and Investment at Masdar.

Masdar's CEO, Mohamed Jameel Al Ramahi, said: "Masdar, its joint venture Infinity Power, and our partner Hassan Allam Utilities, is supporting Egypt to deliver its ambitious renewable energy targets. I congratulate Egypt’s leadership on this major milestone for the country, with what is set to be one of the largest wind farms on the planet. At 10GW, this landmark project is pushing the limits of innovation and scale as we work to help unlock Africa's clean energy potential, and further advance its energy transition."

Amr Allam, Co-CEO of Hassan Allam Holding, commented: "In a significant move towards a more sustainable future for Egypt, the signing of the Land Access Agreement for the 10GW wind farm project alongside our esteemed partners, Infinity Power and Masdar, marks a pivotal moment. This initiative underscores our commitment to clean energy and environmental responsibility, and we are proud to be part of this transformative project that will have a positive impact on our nation's energy landscape and beyond."

Mohamed Ismail Mansour, Chairman, Infinity Power said, "We are excited to be moving to the next step of the development of our 10GW wind farm in Egypt and cannot wait to see it progress. Not only will this project deliver substantial benefits during construction and operation, creating jobs for local people and investing in their local communities, the impact of the energy uplift will be amazing to see. This source of clean, affordable energy will save Egypt money, reduce emissions and power industry across the country."

Nayer Fouad, CEO, Infinity Power added: "This wind farm is an ambitious and important project, set to be one of the largest in the world, and we’re delighted to be taking this step forward. It’s a hugely important project for Egypt and the wider region, and also highlights Infinity Power as a leading investment platform in renewable energy, able to deliver renewable projects on the largest scale. This project will also show that, by setting bold targets, countries can embrace and adopt renewable energy and transform their energy mix."

The initial project agreement to develop the 10 GW wind farm was signed between the Consortium and the Egyptian Electricity Transmission company and witnessed by the presidents of the UAE and Egypt on the sidelines of the UN climate change conference, COP27 in late 2022.

ENDS

About Masdar:
Masdar (Abu Dhabi Future Energy Company) is one of the world’s fastest-growing renewable energy companies. As a global clean energy pioneer, Masdar is advancing the development and deployment of solar, wind, geothermal, battery storage and green hydrogen technologies to accelerate the energy transition and help the world meet its net-zero ambitions. Established in 2006, Masdar has developed and invested in projects in over 40 countries with a combined capacity of over 20 gigawatts (GW), providing affordable clean energy access to those who need it most and helping to power a more sustainable future. Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is targeting a renewable energy portfolio capacity of 100GW by 2030 while aiming to be a leading producer of green hydrogen by the same year.

Contacts:
For media inquiries, please contact: press@masdar.ae For more information please visit: https://www.masdar.ae and connect: facebook.com/masdar.ae and twitter.com/masdar

About Infinity Power:
Infinity Power the largest African pure play renewable energy provider. The joint venture between Egypt’s Infinity and Masdar (Abu Dhabi Future Energy Company) targets power generation projects in Africa through renewable energy sources, namely solar and wind, as well as other technologies such as green hydrogen and water desalination. The company also develops complementary technologies such as battery storage and transmission grids. In this way, Infinity Power can provide answers to the challenges of energy supply and power insecurity across the African continent. The company aims to have 10GW of operational renewable energy projects by 2030.

Infinity Power brings together the strong track records of both Infinity and Masdar (Abu Dhabi Future Energy Company) in developing and operating renewable energy assets. It has a substantial operational portfolio across Egypt, South Africa and Senegal, including 1.3GW of solar power and onshore wind farms, which equates to a reduction of more than 3 million tons of CO2 emissions per year using conventional power generation. Infinity Power is committed to lighting up Africa and supporting the sustainable development of renewable energy across the continent, while creating opportunities for economic, educational and environmental benefits in local communities. For more information about Infinity Power and its portfolio of renewable energy projects, please visit: www.weareinfinitypower.com

About Hassan Allam Utilities:
Hassan Allam Utilities is the investment and development arm of Hassan Allam Holding. The company targets opportunities that address the clean energy market and growing demand for infrastructure services in Egypt and the region. Established in 2017, Hassan Allam Utilities has focused its investment and development efforts on sustainable infrastructure, primarily in renewable energy, water, logistics, mobility, and social infrastructure assets. For more information please visit: www.hassanallam.com and linkedin.com/company/ha-utilities/

Contacts:
For media inquiries, please contact: Hala Samy, phone:+20 1222181155 - E-Mail: Hala.Samy@hassanallam.com

• Masdar enters Bahrain market in strategic move with national energy leader, Bapco Energies

• Agreement will focus on exploring the joint development of near-shore and offshore wind projects

• Agreement supports the Kingdom of Bahrain’s National Energy Strategy target to cut emissions by 30 percent by 2035

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, has signed an agreement with Bapco Energies, the integrated energy company leading the energy transition in the Kingdom of Bahrain, to jointly explore the development and investment in wind projects in the Kingdom with a capacity of up to 2 gigawatts (GW).

Marking a strategic entry into the Bahrain market for the UAE’s clean energy champion, the agreement for near-shore and offshore wind farms is Masdar’s first in the Kingdom and will be the first project of its kind in the region and the Middle East. At up to 2GW, this clean energy collaboration will support the Kingdom of Bahrain to accelerate the decarbonization of critical industrial sectors and open avenues to develop new market sectors. The Kingdom of Bahrain aims to reduce emissions by 30 percent by 2035 and achieve net-zero emissions by 2060, as outlined in its National Energy Strategy.

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

Bapco Energies Group Chief Executive Officer, Mark Thomas said:

Masdar has developed a number of landmark wind projects across the world, including the 400MW Dumat Al Jandal wind farm, the largest in the Middle East and the first in Saudi Arabia, the 630MW London Array offshore wind project in the United Kingdom which powers half a million British homes and the 103.5MW UAE Wind Program, which utilizes innovative technology to capture low wind speeds at utility scale.

Masdar is aiming for a renewable energy portfolio capacity of 100GW by 2030, as well as supporting the target set out in The UAE Consensus to triple global renewables capacity by the end of this decade, and aims to be a leading producer of green hydrogen by the same year.