Masdar, the largest renewable energy company in the Middle East, has outlined its plan to expand its solar and wind capacity to 100 GW by 2030.
If successful, this would bring the Abu Dhabi-based company into the ranks of the world’s top renewable energy providers, surpassing competitors like Iberdrola, Engie, and RWE.
Part-owned by Adnoc, Taqa, and the sovereign investment fund Mubadala, Masdar is focusing on global investment. The company has already announced nearly €6.5bn in deals across Spain and Greece this year.
In the US, Masdar acquired Terra-Gen, a major renewable energy player, and holds a 49% stake in the £11 billion Dogger Bank project in the UK, which will become the world’s largest offshore wind farm upon completion.
Speaking to the Financial Times, CEO Mohamed Jameel Al Ramahi emphasised Masdar’s commitment to investing heavily in solar power, while equally investing in wind power.
By 2030, the company aims for a geographic distribution of 30-35% of its energy from the Middle East, 20% from Europe, and 20-25% from the US.
Al Ramahi noted that while renewable projects in Europe come at a premium, Masdar will invest wherever markets are open to foreign investment. “If I want to achieve 100GW, I cannot ignore Europe and the US.”
The company also focuses on building strong regional teams, as demonstrated by the Terra-Gen acquisition.
Despite rising competition and higher asset valuations in the renewable sector, Al Ramahi views this as a positive development, though he cautioned that overvaluation could cause market corrections.
“Renewable energy is a utility business,” he said, noting that Masdar seeks stable, long-term returns rather than short-term financial gains.
