Abu Dhabi Future Energy Company (Masdar) is continuing to strengthen its leading stature in the clean energy sector and help drive the sector’s development, in line with the directives of the UAE’s leadership to promote clean technology and renewable energy solutions on a large scale, as well as support the global efforts to address climate change, and implement the country’s strategic initiative to achieve climate neutrality by 2050. Masdar reinforced its position as a pioneer in the clean energy sector through the signing of a strategic agreement between TAQA, Mubadala and the Abu Dhabi National Oil Company (ADNOC), under which each will own a stake in Masdar. The step is aimed at developing a global investment portfolio in renewable energy and green hydrogen, with a current production capacity of over 23 gigawatts of renewable energy, making Masdar one of the largest companies of its kind in the world.
In 2021, Masdar inaugurated several solar and wind energy plants and signed several agreements to support future projects in several countries, including Saudi Arabia, Iraq, the US, Uzbekistan, Poland, Indonesia, Ethiopia, Ukraine, Kazakhstan, Armenia, Azerbaijan, and Greece. Masdar announced the completion of the first phase of the agreement to acquire a 50 percent stake in a 1.6-gigawatt clean energy portfolio in the US from EDF Renewables North America, and a Memorandum of Understanding (MoU) was signed between Mubadala, Masdar and Ukraine’s DTEK to explore the investment potential of Ukraine’s clean energy sector. The company is also continuing the construction of the Dumat Al Jandal wind farm project in Saudi Arabia, which has been connected to the main electricity network. Additionally, Masdar is leading a project development consortium, comprising EDF Renewables and Nesma, which are jointly developing a 330-megawatt solar power plant in Jeddah, Saudi Arabia. In the field of sustainable urban development, Masdar City continued its expansion in 2021 as a pioneering hub for research and development initiatives in Abu Dhabi. It has a group of major partners and projects involved in technology, research, and development, as well as institutions and companies concerned with promoting sustainability and leading innovations and technology.