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• 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.

• Emerge Limited, a joint venture between Masdar and the EDF Group, breaks ground on SNOC's 60MWp solar PV plant in Sharjah

• Plant is expected to offset 66,000 CO2 emissions annually, equivalent to taking over 14,600 cars off the road each year

• Emerge will operate and maintain turnkey solutions across the project for 25 years

The Emirate of Sharjah oil and gas industry leader, Sharjah National Oil Corporation (SNOC), and Emerge Limited, a joint venture between Masdar and the EDF Group, celebrated a significant milestone today with the groundbreaking ceremony for the largest solar installation in Sharjah to date.

The 60MWp ground-mounted solar PV plant, located at SNOC's Sajaa Gas Complex, will generate enough clean energy to offset 66,000 tons of CO2 emissions annually, equivalent to removing more than 14,600 cars from the road each year.

The project supports SNOC's commitment to decarbonization and its goal of achieving net-zero emissions by 2032. It will significantly decrease SNOC's dependence on traditional fossil fuels for its operations and provide a cost-effective source of clean energy. The project aligns with the United Arab Emirates' ambitious Net-Zero 2050 strategy. By promoting renewable energy sources, this initiative contributes to the UAE's transition towards a more sustainable, environmentally conscious future for Sharjah and the wider region.

SNOC Chief Executive Officer, Hatem Al Mosa, said

Michel Abi Saab, Emerge General Manager, said:

Emerge will handle the entire project lifecycle under a Build-Own-Operate-Transfer (BOOT) agreement. This includes financing, design, procurement, construction, operation, and maintenance of the solar modules for a period of 25 years.

• Newly Established Consortium Signs Framework Agreement with Egyptian Government

bp has entered into a Joint Development Agreement (JDA) to join the existing consortium comprising of Masdar, Hassan Allam Utilities and Infinity Power to explore the potential development of a multi-phase green hydrogen (gH2) project in Egypt.

Under the JDA, bp will act as the lead developer and operator of the project on behalf of the consortium. The partners are combining their respective gH2 projects in Egypt and will also explore the potential for a single large-scale, multi-phase project for the development of gH2 and its derivatives, with a focus on exports.

The newly formed consortium has signed a Framework Agreement (FWA) with the Egyptian government to start carrying out a set of studies and activities to evaluate the technical and commercial feasibility of the project.

The FWA agreement was signed on the sidelines of the Egypt-EU Investment Conference by Nader Zaki, bp’s Regional President, Middle East and North Africa; Karim Hefzy, Chief Operating Officer of Hassan Allam Utilities; Andreas Bieringer, Director, Green Hydrogen Business Development and Commercial, Masdar and Mohamed Ismail Mansour, Chairman of Infinity Power, and witnessed by H.E. Dr. Moustafa Madbouly, Prime Minister of Egypt, Dr. Mohamed Shaker, the Minister of Electricity and Renewable Energy, and Dr. Hala El-Said, the Minister of Planning and Economic Development.

"We are pleased that the signing coincides with our celebration of 60 years in Egypt, which clearly reflects our ongoing commitment to the country. Over the decades, we have been a key supplier of energy in Egypt, consistently working to meet its increasing energy demands while supporting its endeavors for a more sustainable energy future. The diverse experiences of partners in energy projects present a great opportunity for regional cooperation and accessing global markets, fundamentally supporting Egypt's energy transition plans." said Nader Zaki, bp's regional president for the Middle East and North Africa.

Mohammad Abdelqader El Ramahi, Masdar’s Chief Green Hydrogen Officer said:

Amr Allam, Co-CEO Hassan Allam Holding, said:

Felipe Arbelaez, bp’s SVP Hydrogen and CCS added:

Mohamed Ismail Mansour, Chairman of Infinity Power said:

Nayer Fouad, CEO of Infinity Power added:

• Emerge, a joint venture between Masdar and EDF Group, signs agreement to develop rooftop solar plant for AJ Steel Pipes

• 3MWp plant will offset over 2,500 tonnes of CO2 emissions per year and generate more than 5,000MWh of electricity annually

• Emerge will operate and maintain all turnkey solutions across the project for 25 years

Emerge, a joint venture between Masdar and EDF Group, has signed an agreement to install a 3MWp rooftop solar PV plant for leading UAE steel pipe manufacturer and exporter, AJ Steel Pipes.

The decarbonization of “hard-to-abate” industries is one of the priorities identified at COP28 for achieving a carbon neutral future. Steel companies such as AJ Steel Pipes are looking to utilize efficient and carbon-free solutions that combine innovation and technology to achieve a more sustainable operation.

Situated on the roof of AJ Steel Pipes’s facilities in Mussafah, Abu Dhabi, the plant will offset over 2,500 tonnes of CO2 emissions a year and generate more than 5,000MWh of electricity annually.

The plant, consisting of more than 5,000 solar PV modules, will be delivered by Emerge as a turnkey solution, including finance, design, procurement, construction, operations, and maintenance of the solar modules for 25 years.

Michel Abi Saab, Emerge General Manager, said:

M Ismail, AJ Steel Pipes Executive Director, said:

Emerge, a joint venture between Masdar and EDF Group, was formed in 2021 to develop distributed solar, energy storage, and hybrid solutions for commercial and industrial applications. As an energy services company, Emerge offers clients full turnkey solutions through solar power agreements at no up-front cost to the client.

The project contributes to the UAE Energy Strategy 2050 initiative, which aims to see clean energy make up 44 per cent of the country’s energy mix by 2050. Rooftop solar PV could provide approximately 6 per cent of the UAE’s total power generation by 2030, according to a projection by the International Renewable Energy Agency in its REmap 2030 report on renewable energy prospects for the UAE.

• 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.

• Solar car park will generate 30 percent of total annual energy demand at Yas Marina Circuit

• Yas Bay Waterfront Project will offset 425 tonnes of CO2 emissions per year as Miral drives sustainability efforts

• Energizations advance clean energy deployment in UAE entertainment sector

Abu Dhabi, United Arab Emirates; May 23, 2024: Emerge, a joint venture between the UAE’s Masdar and France’s EDF Group, has announced the successful energization of two high-profile solar photovoltaic (PV) projects on Yas Island at Yas Marina Circuit and Yas Bay Waterfront, Abu Dhabi’s vibrant day-to-night dining, entertainment and leisure destination.

The 1 megawatt peak (MWp) solar car park at Ethara’s Yas Marina Circuit, home to the Formula 1 Etihad Airways Abu Dhabi Grand Prix, will generate approximately 30 percent of Yas Marina Circuit’s total annual energy demand, equivalent to powering nearly 200 Abu Dhabi households and offsetting 900 tonnes of CO2 emissions a year.

Under its agreement with the venue’s operator, Ethara, Emerge has installed more than 1,800 solar modules across the car park of the track, which holds a capacity of 60,000 spectators, delivering a comprehensive turnkey solution for the project, including finance, design, procurement, construction, operations, and maintenance for 25 years.

The 520kWp Yas Bay Waterfront development for Miral involved the installation of over 900 solar modules, equivalent to powering around 100 Abu Dhabi households and offsetting 425 tonnes of CO2 emissions a year. The solution included finance, design, procurement and construction and Emerge will operate and maintain the solar modules.

Jonathan Brown, Chief Portfolio Officer at Miral, said:

Hesham Al Jneibi, Yas Marina Circuit and Etihad Park General Manager, said:

Michel Abi Saab, General Manager, Emerge, said:

Yas Bay Waterfront is the third collaboration between Miral, the leading creator of immersive destinations and experiences in Abu Dhabi, and Emerge. In March 2023, Miral inaugurated Abu Dhabi's largest solar rooftop project at Warner Bros. World™ Abu Dhabi, with an impressive 7-megawatt peak (MWp) capacity. The project incorporates approximately 16,000 solar modules across the theme park's roof area of 36,000 square meters and produces nearly 40 percent of its annual energy demand.

Emerge has also deployed on-site solar energy systems at the SeaWorld Abu Dhabi theme park, which has a capacity of 8.4 megawatts (MWp) and is scheduled to be commissioned during the second quarter of 2024.

Emerge, a joint venture between Masdar and EDF Group, was formed in 2021 to develop distributed solar, energy storage and hybrid solutions for commercial and industrial. As an energy services company, Emerge offers clients full turnkey solutions through solar power agreements and energy performance contracting at no upfront cost to the client.

– ENDS –

About Miral

Miral is the leading creator of immersive destinations and experiences in Abu Dhabi, that contributes to the growth of the leisure and entertainment industry and Abu Dhabi’s economic diversification. It conceives, creates, operates, and manages immersive destinations and experiences that attract visitors from across the world to create unforgettable memories, accelerating the realization of the Emirate’s tourism vision and growth.

Responsible for the development of Yas Island and overseeing Saadiyat Island's Destination Management Strategy, Miral’s portfolio of world-class assets incorporates entertainment, leisure, culture, sport, dining, retail, and hospitality experiences, aiming to deliver millions of memorable moments for residents and international guests alike. These include SeaWorld Yas Island, Abu Dhabi, Ferrari World Yas Island, Abu Dhabi, Warner Bros. World™ Abu Dhabi, CLYMB™ Abu Dhabi, Yas Waterworld Abu Dhabi, Yas Marina, and Yas Bay Waterfront, home to the UAE’s largest indoor multi-purpose venue Etihad Arena, amongst others. Miral also has several projects being developed on Yas Island and across the emirate, including teamLab Phenomena Abu Dhabi, Natural History Museum Abu Dhabi, and a Harry Potter themed land within Warner Bros. World Abu Dhabi.

Miral encompasses three subsidiaries: Miral Destinations, which promotes unique destinations; Miral Experiences, which operates a diverse portfolio of world-class, award-winning immersive experiences; and Yas Asset Management, which operates and manages a portfolio of vibrant destinations including F&B, retail, marinas and hospitality properties across Yas Island.

For more information, visit www.miral.ae.

About Ethara

Ethara is shaping the future of events and venues regionally and internationally. Headquartered on Abu Dhabi’s Yas Island, and with offices in Dubai and Riyadh, the company employs over 300 professionals who offer an unrivalled wealth of expertise, experience, knowledge, and skills in the entertainment industry. Ethara, meaning ‘thrill’ in Arabic, operates an impressive portfolio of assets, including Yas Marina Circuit, Etihad Park, Etihad Arena, and the Yas Conference Centre. The company works with leading events companies, IP owners, and entertainment partners locally and internationally to deliver world-class, first-to-market events and experiences.

For further information, visit: www.ethara.com

About Emerge

Emerge is a joint venture between Masdar and EDF Group established to develop solar generation, energy storage and hybrid solutions in the Middle East. We support our commercial and industrial (C&I) partners in achieving their sustainability goals. A home-grown company, Emerge was founded in 2021 and has since established a robust performance record. Emerge provides clients with comprehensive renewable energy solutions via solar power agreements. Clients do not have to make any initial financial commitments. This empowers our customers to concentrate on their core operations while reducing operational and energy expenditures.

Website: https://emerge-energy.com/
LinkedIn: https://www.linkedin.com/company/emerge-energy-company
Email: info@emerge-energy.com

About Masdar

Abu Dhabi Future Energy Company (Masdar) is the UAE’s clean energy champion and one of the world’s fastest growing renewable energy companies, advancing the development and deployment of renewable energy and green hydrogen technologies to address global sustainability challenges. Established in 2006, Masdar has developed and partnered in projects in over 40 countries, helping them to achieve their clean energy objectives and advance sustainable development. Masdar is jointly owned by Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company (Mubadala), and Abu Dhabi National Energy Company (TAQA), and under this ownership the company is targeting a renewable energy portfolio capacity of at least 100 gigawatts (GW) by 2030.

Contacts:

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

About EDF Group

The EDF Group is a key player in the energy transition, as an integrated energy operator engaged in all aspects of the energy business: power generation, distribution, trading, energy sales and energy services. The Group is a world leader in low-carbon energy, with a low carbon output of 434TWh, a diverse generation mix based mainly on nuclear and renewable energy (including hydropower). It is also investing in new technologies to support the energy transition. EDF’s raison d’être is to build a net zero energy future with electricity and innovative solutions and services, to help save the planet and drive well-being and economic development. The Group supplies energy and services to approximately 40.9 million customers (1) and generated consolidated sales of €139.7 billion in 2023.

Customers are counted per delivery site. A customer may have two delivery points.

For media enquiries, please contact: Alexandra.taleva@edf.com; +971 54 522 73 73
For more information please visit: https://www.uae.edf.com
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• 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

• The turbine is the first of 50 to be installed at 476MW Baltic Eagle wind farm

• A joint venture between Iberdrola and Masdar, Baltic Eagle will supply around 475,000 households with renewable energy by the end of 2024

• Wind turbines are supplied by Vestas and installed with the jack-up vessel Blue Tern owned by Fred. Olsen Windcarrier

Berlin/UAE, 9 May 2024 – The first of a total of fifty wind turbines has been successfully installed at the 476MW Baltic Eagle offshore wind farm, a joint venture between Iberdrola, a world leading clean energy company, and Abu Dhabi Future Energy Company – Masdar, the UAE’s clean energy powerhouse.

Working in partnership with Vestas , the remaining wind turbines will now be transported to the offshore construction site in the coming months and then installed using the jack-up vessel Blue Tern owned by Fred. Olsen Windcarrier.

Baltic Eagle is on track to become operational by the end of 2024, when it will supply renewable energy to around 475,000 households and contribute to Germany’s clean energy transition.

Milestone reached thanks to strong partnerships

"With the installation of its first wind turbine, Baltic Eagle is taking shape off the German Baltic coast. This marks the start of the final phase in the construction of the offshore wind farm, which is expected to become fully operational later this year." commented Felipe Montero, CEO of Iberdrola Deutschland. "My special thanks go to the Baltic Eagle team for their tireless efforts and outstanding performance. Thanks to the support of Vestas and our partner Masdar, we are confident that we will successfully complete what so far has been an outstanding construction campaign. With the commissioning of Baltic Eagle, the second offshore wind farm in our Baltic Hub, Iberdrola Deutschland continues its growth path, making a significant contribution to Germany’s Energy Transition."

Husain Al Meer, Director, Global Offshore Wind at Masdar added: “We are delighted that, together with Iberdrola and Vestas, we have taken this significant step toward making the landmark Baltic Eagle wind farm a reality. Masdar has a long-standing commitment to advancing offshore wind projects across the globe. Baltic Eagle will provide clean, renewable power to hundreds of thousands of homes, reducing carbon emissions and supporting Germany with its energy transition. We look forward to seeing the project come to life over the coming months, delivering tangible benefits to the local community and setting a precedent for sustainable energy solutions.”

“It’s a special moment to see the first wind turbine at Baltic Eagle installed, reflecting how everyone involved supports Germany’s clean and secure energy and offshore wind targets in the Baltic Sea,” said Nils de Baar, President of Vestas Northern & Central Europe. “Vestas is proud to be part of this project and our thanks go to our partner Iberdrola for their trust in our technology and the strong and productive collaboration since the beginning of this project.”

Proven technology and tried-and-tested installation methods

The Baltic Eagle offshore wind farm will generate its green electricity from a total of 50 Vestas V174-9.5MW wind turbines, each with an output of 9.525 megawatts (MW). The wind turbines have a rotor diameter of 174 meters and a hub height of 107 meters.

The optimized rotor blades are each 85 meters long and have been designed to be aerodynamically efficient and to minimize loads. The finished turbines reach a total height of 194 meters.

Fred. Olsen Windcarrier's jack-up vessel Blue Tern is particularly suitable for the challenging terrain in the Baltic Sea thanks to its long legs. With its 800-ton main crane and a variable deck load capacity of 8,750 tons, it transports the towers, nacelles and rotor blades to the offshore construction site and erects them on the transition pieces. Fred. Olsen Windcarrier already gained experience in the Baltic Sea during the construction of the Iberdrola offshore wind farm Wikinger.

Iberdrola's Baltic Hub

The Baltic Eagle offshore wind farm is an important part of Iberdrola's ‘Baltic Hub’ in the German Baltic Sea. It is located north-east of the island of Rügen off the coast of Pomerania and is planned and operated from the port of Mukran in Sassnitz.

Scheduled to be operational by the end of 2024, the 476MW offshore wind farm 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 three major projects in Germany, along with the Wikinger (350 MW, in operation) and Windanker (315 MW, in planning) wind parks. Collectively, these offshore wind parks form Iberdrola's so-called Baltic Hub, which will have a total capacity of more than 1.1 GW in 2026 and trigger an investment sum of about 3.7 billion euros.

The Baltic Eagle offshore wind park is an important component in the integrated growth strategy that Iberdrola is pursuing in its German core market. In the area of sustainable energy solutions, the company aims to cooperate with key players in the German economy to support them in achieving their climate targets with market-based solutions.

Iberdrola’s partnership with Masdar

Masdar and Iberdrola signed a strategic agreement in July 2023 to co-invest in Baltic Eagle. At COP28, the two companies announced a further EUR15 billion strategic partnership agreement to evaluate the joint development of offshore wind and green hydrogen projects in key markets including Germany, the UK and the US.

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