The United Arab Emirates is accelerating its push into renewable energy projects worldwide. Masdar, owned by oil giant Abu Dhabi National Oil Co. (Adnoc), state-owned utility Taqa and Abu Dhabi sovereign wealth fund Mubadala, is the primary vehicle pursuing these plans. Some markets are proving easier to crack than others, with strong traction in Europe and Central Asia in solar and wind but slow progress in China and hydrogen.
Masdar has set a target of 100 gigawatts of renewable power capacity and 1 million tons per year of annual green hydrogen production capacity by 2030. The company reached the halfway mark on the former in 2024, with its gross portfolio capacity — including domestic and international projects — standing at 51 GW at year's end. That capacity number reflected growth of 62% in 2024 and some 150% over two years.
With just five years to meet its targets, most of Masdar’s growth will likely hinge on acquisitions, given the long lead times for greenfield projects, an industry source told Energy Intelligence. Masdar in 2024 undertook $8.2 billion in equity investments targeting companies and projects in Europe and, in particular, the US to tap mature renewables markets with strong regulatory and policy support. It also advanced domestic projects by announcing the financial close of the 1.5 GW Al-Ajban solar plant in Abu Dhabi in September — its third utility-scale solar park in the emirate — balancing its self-described role as the “national clean energy champion” with its ambition to be a major global player.
