Back in 2021, the Abu Dhabi Future Energy Company, Masdar, was effectively taken over by a new board of shareholders from TAQA, Mubadala, and ADNOC.
The transaction ushered in a new phase of growth for the company, one that has seen it accelerate its global projects and become one of the largest renewable energy companies in the world.
Speaking to Aletihad, Director of Bidding and Proposals at Masdar, Mohammed Al Shehhi, said the company’s growth was all part of a consolidated effort to fulfil an ambitious mandate that would see Masdar and Abu Dhabi lead in the global renewable transition.
“Since the incorporation of the new shareholders into the Masdar’s story, Masdar has started a new journey toward the 100 GW of renewables,” he told Aletihad on Friday.
“Masdar has grown rapidly since 2021; we have seen our capacity grow from 9.5 GW to 30 GW of renewables recently.”
Al Shehhi explained that Masdar had always been a global company, having been in 30 countries before the takeover, but has since rapidly accelerated its effort in line with the strategic objectives of the country and some of its largest powerbrokers.
“With the introduction of TAQA and ADNOC, the shareholders and the decision makers within Abu Dhabi wanted to create one entity to consolidate all of its effort under one entity, which is Masdar,” he said.
“All of the Abu Dhabi government entities now, the three powerhouses of Abu Dhabi, namely TAQA, ADNOC, and Mubadala, are all consolidating all of their renewables effort under the brand name of Masdar.”
Today, Masdar’s portfolio is immense, spanning multiple continents and different renewable technologies. This includes enormous solar projects here in the UAE, like the 1.2MW Bab Al Shams Solar PV plant, along with 72MW of wind capacity in Montenegro, 149 MW in the USA, and a waste to energy plant in Australia. Al Shehhi said the company was on the verge of closing several new deals, with multiple enormous projects now under construction.
“Recently, we have continued our positive participation in the regional projects; we have closed the DEWA 1.8-gigawatt project, the largest renewable energy project in the UAE which is now under construction,” he said.
“Also, we are developing Amala project in Saudi Arabia alongside our partners in EDF. It is a unique project that has a unique feature, which is a solution to supply sustainable energy and water 24/7 to a very luxurious resort in Amala. The project soon will achieve financial close in Saudi Arabia as well.”
Al Shehhi also said the company was continuing to make strides in central Asia and the United States. Notably, he mentioned the company’s closing of the Trident opportunity in Greece, which will see Masdar take a 100% share in 2GW of operational projects.
“We will continue participating in the regional auctions in Saudi Arabia, Oman, and Kuwait, and we will continue developing projects in Uzbekistan, Azerbaijan, Kyrgyzstan, and Tajikistan. We will also continue our M&A venture in Europe and beyond. We are looking at multiple opportunities and we will announce them in due course,” he said.
The impressive breadth of Masdar’s projects has seen its experience and investment become a leverage point in international affairs. When the Indonesian president flew to the UAE last week, dignitaries and ministers lauded the Cirata Floating Solar Photovoltaic Plant, a Masdar project.
Al Shehhi said there is no doubt that the country’s warm relations with countries around the world helps aid in Masdar’s ability to win deals, but insisted the projects are always chosen and won on commercial basis first and foremost.
“Of course, the UAE and Indonesia relationship as partners plays a role, but also Masdar has played a pivotal role in creating this opportunity because of Masdar’s capability, know-how, and development capacity,” he explained.
“This must have been promoted by the leadership of UAE to develop projects overseas, and we have proven that we can do it. Cirata is the largest floating solar project in Southeast Asia, and we did it during COVID — during the difficulties and aftermath of COVID. But, we still delivered on time and on budget.”
ALETIHAD
