As part of its goal to reach 100 GW by 2030
UAE's Masdar Reaches 65 GW in Clean Energy Projects
Sultan Al Jaber, Chairman of Abu Dhabi Future Energy Company (Masdar), announced that the company has reached a global clean energy production capacity of 65 gigawatts, as part of its goal to reach 100 gigawatts by 2030.
The company, owned by Abu Dhabi's Mubadala and the Abu Dhabi National Oil Company (ADNOC), has witnessed rapid growth in recent years through acquisitions and investments in renewable energy projects in Europe, the United States, and most recently, Austria, according to Reuters.
In his opening remarks at Abu Dhabi Sustainability Week, Al Jaber noted that the UAE has designed its economy to adapt to technological change, describing artificial intelligence as "no longer just a tool we put on the sidelines" but rather "the operating system of our industrial strategy."
Hannigan added that the proceeds from this week’s inaugural green bond issuance will be used to fund investments in clean energy projects in Uzbekistan and Azerbaijan. The company also plans to raise $3 billion through its bond window to finance acquisitions both domestically and internationally.
The company’s efforts come as the UAE pushes to bolster green energy, with plans to invest $54 billion in renewable energy sources over the next seven years, aiming for net-zero emissions by mid-century.
It is worth noting that in late 2022, Abu Dhabi National Energy Company (TAQA) became a shareholder in Masdar. At that time, an agreement was reached for Masdar to acquire a 60 percent stake in all future renewable energy projects being developed in Abu Dhabi.
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