UAE’s Masdar is working on a massive global expansion through M&As: state-owned Abu Dhabi renewables giant Masdar is planning on growing its renewables portfolio through a string of global acquisitions, Fawaz Al Muharrami, the company’s acting executive director for clean energy, told The National in an interview. “If there is a good [project] in Europe, in Apac [Asia-Pacific] [we] will be seeking to acquire those projects,” he noted.

Where does it have appetite? “The key focus will primarily be on renewables, mainly solar and wind, but we are also developing a waste-to-energy plant and [looking at] some geothermal projects … in the near future,” Al Muharrami told the newspaper.

Masdar already likes its geographic footprint — this is about going deeper: The company has assets in more than 40 countries, with a combined renewables capacity of 15 GW and investments worth USD 20 bn deployed, Al Muharrami noted. Most recently, the company signedan agreement with Germany’s RWE Renewables to explore wind projects, and is supplying Tanzania with up to 2 GW of renewables capacity.

Masdar’s target: Growing its capacity to 100 GW over the next 10 years, Al Muharrami said.

The company also has appetite in the region and at home through new partnerships and tenders. Masdar will “definitely participate” in Saudi Arabia’s solar and wind tender announced last month, Al Muharrami said. The company is also developing the 2 GW Al Dhafra solar power plant in Abu Dhabi, which it claims will be the world's largest solar plant. The plant is expected to be operational at the beginning of next year, he said.

With a particular focus on green hydrogen: A consortium made up of Masdar and our friends at Hassan Allam Utilities signed an agreement in April to establish green hydrogen plants that can produce up to 480k tons of green hydrogen a year in Egypt’s Suez Canal Economic Zone. Masdar also signed an agreement in January with our friends at Fertiglobe and France’s Engie to co-develop a green hydrogen facility in the UAE.

Appetite for growth is being driven by a shakeup of Masdar’s shareholder structure over the summer: Abu Dhabi National Energy Company (Taqa) bought a 43% stake in Masdar’s renewable energy business, while Abu Dhabi National Oil Company (Adnoc) acquired a 24% stake back in June. “With new shareholders … Masdar is drafting a completely whole new strategy for the growth of the company,” Al Muharrami added.

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