2023-09-12 10:47:21
Abu Dhabi Future Energy Company “Masdar”, the largest clean energy producer in the UAE, plans to double its capacity this year.
Mohammed Jameel Al Ramahi, CEO of Masdar, which operates projects extending from the United Kingdom to Asia, said that the company aims to boost global clean energy capacity to about 40 gigawatts by the end of the year, adding that acquisitions will be an important part of its strategy to reach 100 gigawatts by End of the contract.
Al Ramahi said: “We are on track to achieve the 100 gigawatt goal that we set for ourselves by 2030… and by the end of the year, I expect that we will double our capacity.”
Masdar City operates solar power plants in the UAE, the third largest oil producer in OPEC.
The company is also one of the largest investors in clean energy in the UK, including the London Array offshore wind project.
This year, Masdar acquired companies operating in wind energy and geothermal energy in Europe, Africa and Asia, giving it stakes in projects worth about $6 billion and adding about 3.4 gigawatts of clean energy.
Al Ramahi said, “We need to make acquisitions” to reach the 2030 capacity goal. The company will target “different technologies and different geographic regions with different partners. It is a big goal and requires a lot of investment,” according to Bloomberg.
The UAE, the first Gulf country to announce its goal of reaching net-zero carbon emissions by 2050, will host the United Nations COP28 climate conference later this year.
Masdar’s targeted capacity for this year includes facilities operating or under construction.
The 2030 target of producing 100 gigawatts depends on the total capacity of the projects in which Masdar will have stakes by then.
It is noteworthy that Masdar sold its first green bonds earlier this year, worth $750 million. Subscription operations witnessed record levels, reaching more than five times the target value, and these bonds received great and exceptional interest from regional and international investment bodies.
Al Ramahi said that Masdar plans to raise cash approximately twice a year by selling securities.
Masdar is active in more than 40 countries around the world, and invests in global projects with a total value of more than $30 billion.
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