Masdar News

Masdar celebrates successful 2020 and looks forward to virtual ADSW Summit 2021

05 Jan 2021

Masdar announced today that it maintained a positive trajectory over the course of 2020. Despite the challenges posed by the COVID-19 pandemic, through the year Masdar expanded its global footprint, increased the generation capacity of its portfolio, and added new tenants for Masdar City. 

Masdar entered a number of key strategic markets through the year, with the company now being active in more than 30 countries across the globe. Having pledged at the beginning of 2019 to double its then 4-gigawatt energy portfolio within five years, Masdar will close 2020 with a total generation capacity of almost 11GW. 

“While 2020 has proven to be a year like no other, I am proud to say that Masdar will begin 2021 in a stronger position than ever before,” said Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar. “Our success in exceeding our own targets both reflects the commitment of our dedicated employees around the world in this extraordinary time, and demonstrates that the pace of the energy transition is accelerating, as visionary nations like the UAE continue to drive sustainable development. We look forward to extending our global footprint further in 2021 and helping to support a sustainable recovery post-COVID-19.” 

Key milestones reached in 2020 include:

  • entry into the Southeast Asia market, with the formation of a joint venture in Indonesia to drive the development of the Cirata Floating Photovoltaic Power Plant – Indonesia’s first floating PV project and the largest in the region. 
  • Masdar’s first investment in Australia, where the company successfully entered the country’s nascent waste-to-energy market with the development of a 40 percent stake in the East Rockingham Waste to Energy project alongside Tribe Infrastructure Group. The two companies have also established a joint venture to pursue similar projects. 
  • Masdar’s second strategic investment in the United States, in a deal with EDF Renewables North America to acquire a 50 percent stake in a 1.6GW clean-energy portfolio, including wind, solar, and battery storage assets. 
  • securing a stake in Abu Dhabi’s 2GW Al Dhafra Solar Photovoltaic (PV) Independent Power Producer (IPP) project – the largest single-site solar power plant in the world. Once operational, the plant will generate enough electricity for approximately 160,000 homes across the UAE, supporting the country’s clean energy objectives.
  • achieving financial close on the 100-megawatt Nur Navoi Solar Project – Uzbekistan’s first independent power producer (IPP) solar project. Masdar is also developing a 500 MW utility-scale wind farm project in the country, strengthening its leadership position in the strategic Central Asia market.
  • Masdar City Free Zone added more than 270 registered companies in 2020, more than double the amount in 2019. 
  • Masdar City’s ecosystem was also boosted through the establishment of the Alpha Wave Incubation Fund by holding company ADQ, designed to help early-stage business set up operations in the City. 
  • launched a sustainable real estate investment trust – the UAE’s first “green” REIT, which will give third-party investors the opportunity to invest in Masdar City commercial assets.  
  • completing Phase 1 of Central Park, Masdar City’s premier outdoor recreation and family area, and a showcase for sustainability expertise.
  • Masdar City’s Eco Residences 2 project being named the Middle East and North Africa Green Building Project of the Year at the MENA Green Building Awards 2020. The project was also awarded Platinum certification, the highest ranking under the Leadership in Energy and Environmental Design (LEED) system. 

Masdar will also begin 2021 with another notable first, as the company prepares to host the first virtual Abu Dhabi Sustainability Week (ADSW). The global platform for accelerating sustainable development has been reimagined as a virtual event, to help set the global sustainability agenda for the year ahead – a year when sustainability will be at the center of the post COVID-19 discussion. 

As the first global event in the year of the UAE’s Golden Jubilee, ADSW will help galvanize further collaboration among government, business and community stakeholders to achieve the United Nations Sustainable Development Goals and deliver sustainable recovery. 

The ADSW Summit, to be held on January 19, will, over three two-hour sessions, focus on the pillars of “Live & Move”, “Care & Engage”, and “Work & Invest”, with each pillar exploring social, economic and technological opportunities to achieve a ‘green recovery’ post COVID-19.  

Alongside the ADSW Summit, ADSW will feature a series of high-level virtual events, including the IRENA Assembly, Abu Dhabi Sustainable Finance Forum, Atlantic Council Global Energy Forum, and the World Future Energy Summit Forums.

Masdar will also host the Youth Dialogue Week, which will bring young people from around the world together virtually to discuss how they can play a more active role in the implementation of both the United Nations Sustainable Development Goals and the UAE’s 50 Year Development Plan.