Prime Highlights
- Masdar completed 20 years and expanded into a global clean energy leader.
- The company targets 100 GW capacity by 2030 with major investments planned.
Key Facts
- Masdar is a UAE-based renewable energy company operating in multiple countries.
- It plans to invest up to $35 billion to expand its energy portfolio.
Background
Masdar celebrated 20 years of operation, and this underlines its expansion to become a big player in clean energy across the world. The company, set up in the fourth week of April 2006 by Mohamed bin Zayed Al Nahyan via Mubadala, was to diversify the economy of the UAE and facilitate the use of renewable energy at a time when the industry was still underdeveloped.
Since 2009, the company has grown exponentially, starting with one solar plant in Masdar City. The organisation currently manages 65 gigawatts of energy capacity with plans to scale this up to 100 gigawatts by 2030. The major projects it has launched are the Al Dhafra solar plant, which is among the largest in the world, and it provides power to thousands of households in the UAE.
Masdar employs over 1,100 staff members and conducts business in 12 countries around the world. Its projects include the Hywind Scotland floating wind farm, the Cirata floating solar plant in Indonesia, and the Zarafshan wind farm in Uzbekistan. The company has also enhanced itself globally by acquiring businesses in Europe and the United States.
Towards the year 2022, the ownership was transferred to make TAQA, Mubadala, and ADNOC the joint shareholders to facilitate further growth plans. Masdar is also coming up with sophisticated energy systems, such as a massive solar and battery station that will supply unlimited renewable energy.
The company will invest up to 35 billion to increase capacity and approximately 10 gigawatts of power each year. According to officials, the company assisted in shaping the international clean energy market and remains dedicated to innovation, collaborations, and affordable energy solutions.
