Masdar Continues to Strengthen its Leading Stature in Clean Energy Sector

Masdar Continues to Strengthen its Leading Stature in Clean Energy Sector

WAM

The Abu Dhabi Future Energy Company (Masdar) is continuing to strengthen its leading stature in the clean energy sector and help drive the sector’s development, in line with the directives of the UAE’s leadership to promote clean technology and renewable energy solutions on a large scale, as well as support the global efforts to address climate change, and implement the country’s strategic initiative to achieve climate neutrality by 2050.

In 2021, Masdar reinforced its position as a pioneer in the clean energy sector through the signing of a strategic agreement between TAQA, Mubadala and the Abu Dhabi National Oil Company (Adnoc), under which each will own a stake in Masdar. The step is aimed at developing a global investment portfolio in renewable energy and green hydrogen, with a current production capacity of over 23 gigawatts of renewable energy, making Masdar one of the largest companies of its kind in the world.

The company has also launched commercial projects and activities as part of a long-term strategy aimed at ensuring a sustainable future for generations to come, as well as supporting the UAE’s economic and social development goals, in line with the ‘Principles of the 50’.

Mohamed Jameel Al Ramahi, CEO of Masdar, said the company has achieved many successes in 2021 and continued its leading efforts to promote clean energy, in line with the vision of the country’s leadership to address climate change, encourage innovation and achieve sustainable development, as well as adopt business models that generate larger future proceeds.

Al Ramahi added that the company’s projects and investments in the past year had expanded to some 40 countries around the world, with a total value of over US$20 billion and a total capacity of 14 gigawatts, boosting its position as a leading global investor in renewable energy projects, sustainability and new technologies, and a supporter of the international efforts to achieve carbon neutrality.

In 2021, Masdar inaugurated several solar and wind energy plants and signed a number of agreements to support future projects in several countries, including Saudi Arabia, Iraq, the US, Uzbekistan, Poland, Indonesia, Ethiopia, Ukraine, Kazakhstan, Armenia, Azerbaijan and Greece.

In August 2021, Masdar inaugurated the Nur Navoi solar power plant in Uzbekistan, which has a production capacity of 100 megawatts and is the first photovoltaic solar power plant in Uzbekistan.

Masdar and the Taaleri SolarWind II fund also co-own two wind energy projects in Poland, after announcing, in January, that they had acquired 50 percent stakes each in both projects, which were their first investments in the Polish renewable energy sector.

In February, Masdar announced the completion of the first phase of the agreement to acquire a 50 percent stake in a 1.6-gigawatt clean energy portfolio in the US from EDF Renewables North America, and a Memorandum of Understanding (MoU) was signed between Mubadala, Masdar and Ukraine’s DTEK to explore the investment potential of Ukraine’s clean energy sector.

The company is also continuing the construction of the Dumat Al Jandal wind farm project in Saudi Arabia, which has been connected to the main electricity network. Additionally, Masdar is leading a project development consortium, comprising EDF Renewables and Nesma, which are jointly developing a 330-megawatt solar power plant in Jeddah, Saudi Arabia.

In 2021, Masdar signed several partnership and investment agreements aimed at launching diverse clean energy projects, including an agreement with the Armenian National Interests Fund to develop a solar power project with an overall capacity of 400 megawatts, in addition to an agreement with the Armenian government to develop a photovoltaic solar power plant with a capacity of 200 megawatts.

Masdar also signed an agreement with the Tribe Infrastructure Group, which specialises in infrastructure consultations and development, to establish a joint venture aimed at waste-to-energy projects in Australia.

Masdar signed an agreement with the Ministry of Electricity and the National Investment Authority in Iraq to develop five solar power projects in various regions in the country, with a total capacity of 1 gigawatts. It also signed a partnership agreement with electricity utility company PTP Jawa-Bali, a subsidiary of Indonesia’s state power utility company, to develop the Shirata floating solar photovoltaic plant, the first of its kind in Indonesia, with a production capacity of 145 megawatts. In addition, the company signed an agreement with Pertamina Power Indonesia, a subsidiary of Indonesia’s national oil and gas company, to explore opportunities to develop onshore and floating photovoltaic solar power plants and utilise clean energy technologies.

March 2021 saw the signing of an MoU between Masdar and Petroliam Nasional Berhad (PETRONAS) to explore opportunities for collaborations and joint investments in renewable energy projects in Asia, including Malaysia, Vietnam and Taiwan.

In Greece, Masdar signed an agreement with Taaleri Energia to develop a 65-megawatt photovoltaic solar power plant through Masdar-Taaleri Generation (MTG). This project is Masdar’s first investment in the Greek market.

Masdar also forged an agreement with the Ethiopian government to develop solar power projects in various areas of the country, with an overall capacity of 500 megawatts.