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• 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.”

• 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.

• Consortium, led by EDF Group and Masdar, alongside their partners Korea East-West Power Co. (EWP) and SUEZ, secured finance from local and global financial institutions

• Overall project build cost is approximately 1.5 billion USD

• New multi-utility infrastructure facility will service AMAALA, saving 350,000 tons of CO2 emissions annually

• Developed by Red Sea Global, regenerative destination AMAALA is expected to start welcoming guests in 2025

The consortium led by EDF Group and Masdar, alongside their partners Korea East-West Power Co. (EWP) and SUEZ, announced today that it has reached the financial close for its multi-utilities infrastructure facility at AMAALA. The overall project build cost is approximately 1.5 billion USD. Developed by Red Sea Global, AMAALA is a new destination with wellness at its core, nestled along the Red Sea coast of the Kingdom of Saudi Arabia and expected to start welcoming guests in 2025.

The financial close was made possible due to the support of local and global financial institutions including: First Abu Dhabi Bank (FAB), Emirates NBD, Riyad Bank, Saudi National Bank (SNB), and Alinma Bank. The milestone underscores the consortium's commitment to realising AMAALA's promise of unparalleled luxury, sustainability, and cultural enrichment.

This achievement follows the awarding of a 25-year multi-utility concession agreement with Red Sea Global in September 2023, with the option to extend, and involves the financing, engineering, development, construction, operation, maintenance and transfer of a multi-utilities infrastructure facility to service the AMAALA destination.

The facility consists of a fully optimised and decarbonised off-grid renewable energy system, which will generate electricity from a 250 MW solar photovoltaic park, 700MWh battery energy storage, transmission and distribution lines, and desalination plant, with a capacity of 37 million litres of drinking water per day and wastewater treatment plants securing the needed base load around the clock.

The innovative project will avoid the equivalent of nearly 350,000 tons of CO2e emissions every year compared to average infrastructures of this kind, and it will be a cutting-edge infrastructure project, paving the way for a new era of eco-friendly luxury tourism.

John Pagano, Group CEO of Red Sea Global said:

Commenting on the announcement, Beatrice Buffon, EDF Group Vice-President, International Division, and Chairwoman & CEO of EDF Renewables, said:

Masdar Chief Executive Mohamed Jameel Al Ramahi said:

Commenting on the announcement, Kim Young-Moon, CEO of EWP said:

Pierre Pauliac, Chief Operating Officer Water, Executive Vice-President at SUEZ, said:

AMAALA will go beyond sustainability to have a regenerative impact on the environment. By 2040 AMAALA plans to achieve a 30% net conservation benefit for local ecosystems. This will be accomplished by enhancing biologically diverse habitats such as mangroves, seagrass, corals, and land vegetation, promoting biodiversity while contributing to carbon sequestration.

The first phase of AMAALA is set to welcome its first guests in 2025. Upon completion, the destination will feature over 4,000 hotel rooms across 30 hotels, and 1,200 high-end residential villas, apartments, and estate homes. AMAALA will also host a vibrant community for more than 15,000 residents and workers, creating a dynamic and sustainable living environment.

Abu Dhabi Future Energy Company PJSC – Masdar, the United Arab Emirates’ clean energy powerhouse, has signed agreements with three Norwegian companies that reinforce its longstanding collaborations with the Nordic country.

The announcement of the agreements occurred during an official visit to Norway by Abu Dhabi’s Crown Prince HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan. During the visit, the UAE-Norway Investment Forum brought together a senior delegation of leaders to discuss bilateral investment opportunities between the two nations.

The UAE and Norway have a robust bilateral relationship, fostered by strong leadership and anchored in a shared legacy and commitment to the energy transition. Masdar has a long history of successful partnerships with Norwegian companies in advancing clean energy solutions and sustainable development.

Masdar’s partnership with Norwegian companies in renewable energy projects stretches back for over a decade, particularly in offshore wind. In collaboration with Norwegian energy giant, Equinor, Masdar developed Hywind Scotland, the world’s first offshore floating wind farm, which became operational in 2017.

The announcement of a Strategic Framework Agreement with Equinor aims to enhance collaboration between the companies on existing projects such as Hywind, while exploring new ventures and strengthening the supply chain for current and future initiatives.

In addition, Masdar has signed an agreement with ICP Infrastructure, an infrastructure fund manager backed by the Aker Group, to explore partnership and investment opportunities in green energy infrastructure in Europe, including potential collaborations in renewables in the Nordics. A second agreement, signed with Aker Horizons Asset Development, will explore joint development and investment opportunities along the 'Power to Green Hydrogen' value chain, targeting the decarbonization of hard-to-abate sectors. The company also signed an agreement with Yara to explore collaboration and investment opportunities along the ‘Power-to-Green Ammonia’ value chain, with green hydrogen at its core.

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

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. 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.

• Masdar and the Taaleri SolarWind III Fund reach financial close, with UniCredit and Erste providing non-recourse project financing

• Čibuk 2 will power around 62,000 homes, avoiding 311,200 tonnes of carbon dioxide a year

• Agreement signed on sidelines of RES Serbia 2024 in the presence of Serbia’s Minister of Mining and Energy, Dubravka Djedović Handanović, Masdar CEO, Mohamed Jameel Al Ramahi, and Taaleri Group CEO, Peter Ramsay

• Announcement brings Masdar’s total operational and under construction renewable energy capacity in Serbia to 312MW

Belgrade, Serbia – September 23, 2024: Abu Dhabi Future Energy Company PJSC – Masdar, the United Arab Emirates’ clean energy powerhouse, today announced the financial close for the 154 megawatt (MW) Čibuk 2 wind farm in Serbia.

The financial close agreement was signed at a special ceremony on the sidelines of RES Serbia 2024 in the presence of Serbia’s Minister of Mining and Energy, Dubravka Djedović Handanović, Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi, Taaleri’s Group CEO, Peter Ramsay and Taaleri Energia Managing Director, Kai Rintala.

Non-recourse project financing for Čibuk 2 has been secured via commercial lenders, UniCredit and Erste (Erste Group and Erste Bank Serbia), who are extending a EUR 144 million debt facility, a testament to the feasibility and the viability of renewable energy projects in Serbia.

Čibuk 2 has been developed by Masdar and Taaleri Energia, via their joint venture development vehicle Masdar Taaleri Generation, in partnership with New Energy Solutions, one of the leading developers in Serbia. Nordex is supplying the turbines and will also provide operations and maintenance services for the project under a 35-year contract.

Construction on the project has already begun and it is expected to be operational by the first quarter of 2026. Čibuk 2 will produce enough renewable energy to power around 62,000 households and displace 311,200 tonnes of carbon dioxide during each year of operation.

Consisting of 22 Nordex 7MW turbines, it will share the same grid connection point as the 158MW Čibuk 1 wind farm, which was the largest utility-scale wind project in Serbia and the Western Balkans when it became operational in October 2019. When completed, Čibuk 2 will bring Masdar’s total renewable energy capacity in Serbia to 312MW and make the combined Čibuk project the largest operational wind farm in Serbia.

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

Taaleri Energia Managing Director, Kai Rintala, commented:

Nikola Stamenković, Member of Erste Bank Serbia’s Executive Board, added:

UniCredit Bank acted as financial advisor and creditor for the refinancing of Čibuk 1 two years ago.

Nikola Vuletić, CEO of UniCredit Bank Serbia, said:

Serbia has set a target of 41 percent renewable energy capacity by 2030 and Masdar is working hand in hand with the Serbian government and local partners to support the nation’s clean energy ambitions.

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.

• Focus of project is to decarbonize hard to abate, emission intensive sectors such as aviation and maritime industries

• Agreement follows successful test flight by Masdar and TotalEnergies demonstrating potential for converting methanol to SAF

• Project will capture and utilize CO2 from an industrial source as a feedstock for production of green methanol and SAF

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, has signed an agreement with TotalEnergies to assess the viability of developing a commercial green hydrogen to methanol to SAF (Sustainable Aviation Fuel) project.

The focus of the project is to help decarbonize hard to abate, emission intensive sectors such as the aviation and maritime industries. The project will also capture and utilize CO2 from an industrial source to be used as a feedstock, in addition to green hydrogen from renewable energy powered electrolysis, for the production of green methanol and SAF.

Today’s agreement follows a successful test flight conducted by the two companies during COP28 in December 2023 that demonstrated the potential for converting methanol to SAF.

Aviation is a key focus for Masdar’s Green Hydrogen business, and over the past three years the company has forged a number of strategic partnerships designed to support the development and growth of the SAF sector.

The UAE’s General Policy for Sustainable Aviation Fuel set a voluntary target of providing 1% of fuel supplied to national airlines at UAE airports using locally produced SAF by 2031 and seeks to develop a national regulatory framework for SAF by exploring potential policies to support the long-term economic operation of SAF facilities in the UAE.

The agreement aligns with Abu Dhabi’s Low Carbon Hydrogen Policy which is expected to significantly contribute to promoting low-carbon hydrogen as a future energy source, constituting a significant milestone towards ensuring economic growth, sustainability, and energy security and a strategic step towards a sustainable future.

The Low Carbon Hydrogen Policy complements the UAE National Hydrogen Strategy, which seeks to establish the UAE as a leading global producer of low carbon hydrogen by 2031.

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.

• 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.

• 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.

• Dogger Bank South Offshore Wind Farms to be considered by UK Planning Inspectorate

• Projects expected to support up to 2,380 UK jobs during development and construction

• The 3 gigawatt wind farms could provide electricity for up to three million UK homes

RWE and Masdar have achieved a key milestone for the DBS (Dogger Bank South) Offshore Wind Farms as the Development Consent Order (DCO) application has been accepted into the UK Planning Inspectorate examination phase.

The DBS East and DBS West offshore wind farms, which could provide electricity for up to three million typical UK homes*, are located in shallow waters on the Dogger Bank over 100km off the northeast coast of England. The acceptance of the DCO application moves the projects into the pre-examination phase, which will become subject to a public examination later in 2024.

Together, the projects will have up to 200 turbines with a combined estimated capacity of three gigawatts. Investment by RWE and Masdar during development and construction is predicted to deliver an economic contribution (Gross Value Added) to the UK of almost £1 billion, including £400 million in the Humber region.

Husain Al Meer, Director, Global Offshore Wind at Masdar, said:

Sven Utermöhlen, CEO RWE Offshore Wind, said:

“The DBS Offshore Wind Farms demonstrate Masdar’s dedication to building the equitable energy system of tomorrow, and we are excited that we are one step closer to making it a reality.”

RWE will be leading development, construction and operation on behalf of the project partners RWE (51% share) and Masdar (49% share). RWE entered into Agreements for Lease for the two DBS projects with The Crown Estate in January 2023. In December 2023, Masdar announced it had acquired a 49 percent stake in the DBS offshore wind projects. The shareholding agreement between the companies was finalized in February 2024.

The DBS projects will make an important economic contribution to the region, support the UK’s net zero ambitions, and boost its broader economic growth and energy security. The next steps for the projects, following a successful Development Consent Order, would be to secure Contracts for Difference (CfD), followed by financing and construction.