Abu Dhabi Government to back Masdar’s Brownfield Drive to 100 GW

The Abu Dhabi government will support Abu Dhabi Future Energy Company (Masdar) with regular equity injections for brownfield projects to reach the 100-gigawatt (GW) target, S&P Global Ratings said in a report.

The company will continue to enjoy good funding access as a key government-related entity, it added.

“We expect that Masdar will maintain stable cash flows and efficient operations at the project-level, which will support the company’s leverage and growth spending over the next 12 to 24 months,” the rating agency stated.

The company has received over 20 billion UAE dirhams ($5.45 billion) in equity support from the government to finance its acquisitions.

Despite the heightened leverage, the company – a pioneer in green bond financing in the UAE – has managed to raise nearly 10 billion UAE dirhams ($2.72 billion) so far this year, with a low coupon rate of about 5 percent.

From 2021 to March 2025, Masdar’s gross capacity (considering operational, under construction, and committed projects) increased to 33 GW from 15 GW. This growth was backed by a dual business model that combines greenfield development with strategic acquisitions.

As of March 2025, the renewables major has an identified advanced pipeline of 25 GW, with 15 GW out of its contracted pipeline under development, the report said.