Masdar Invests $8.7 Billion in Equity Globally in 2024

Leaving no stone unturned in expanding its renewable energy portfolio globally, Masdar, the Abu Dhabi Future Energy Company, has reinforced its leadership in the global clean energy sector by deploying close to $8.7 billion in equity investments and securing more than $4.49 billion of project financing across nine countries.

These accomplishments reflect Masdar’s commitment to drive the global energy transformation and has crossed the half way mark of its target by 2030, the company said.

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 100 GW by 2030.

Masdar contributes to accelerating development and supporting the UAE’s ambition to become the world’s largest developer, owner, and operator of renewable energy and green hydrogen. It also aids countries globally in achieving their climate neutrality plans, while increasing its project portfolio’s production capacity to 51 GW by the end of 2024.

The company’s growth was advanced by landmark acquisitions in Greece, Spain and the US, strengthening the company’s presence in Europe and North America, as well as breaking ground on seven major projects worldwide. These included two BESS projects in the UK, two solar projects in Azerbaijan with a combined capacity of 760 MW, and the 1.5 GW Al Ajban Solar Project in the UAE.

Additionally, Masdar announced the financial close of six projects, including the 1.1 GW Al Henakiyah Solar Power Plant and multi-utility AMAALA sustainable project in the Kingdom of Saudi Arabia, as well as 760 MW solar projects Bilasuvar and Neftchala in Azerbaijan.

Masdar also signed a Power Purchase Agreement (PPA) in December 2024 for the 2 GW Sadawi project in Saudi Arabia, and inaugurated the 500 MW Zarafshan Wind Farm in Uzbekistan, now the largest operation in Central Asia.

PPA with Soluna Holdings

Masdar, which co-owns Las Majadas Wind project in San Diego in the US with EDF Renewables North America, have entered into a power purchase agreement (PPA) with data center developer and operator Soluna Holdings early this month.

Under the terms of the agreement, Soluna will purchase up to 166 MW of energy produced by the Las Majadas Wind Project to power a Soluna data center to be built close to the wind project’s substation.

Soluna’s data center, named Project Kati, will utilise behind-the-meter power generated by the wind project, while also curtailing their operations under certain market conditions when energy is most needed by the grid.

This PPA structure provides a flexible solution to the challenges of transmission constraints and curtailment, essentially allowing an alternate route to capture under-utilised electricity. In parallel, it provides clean power to an energy intensive operation—advanced computing applications, including artificial intelligence (AI).

Electricity consumption from data centers is growing and expected to reach 1,000 TWh, with the AI boom driving increased global demand. Renewable energy is expected to play a key role in supplying data centers with electricity, while helping suppliers meet net-zero targets.