Abu Dhabi Future Energy Company PJSC – known as Masdar – announced it had deployed more than USD 1.685 billion from its green bond issuances carried out between 2023 and 2024. These funds were allocated to projects in the solar, onshore and offshore wind segments, as well as energy storage. The company specified that the full amount had been committed before December 31, 2024.
Geographic expansion and carbon efficiency of investments
The investments targeted several priority markets for the Abu Dhabi-based operator, including the United Arab Emirates, Saudi Arabia, the United States, Germany, and the United Kingdom, as well as emerging markets such as Uzbekistan, Azerbaijan, and Serbia. According to the report, each million dollars invested helps avoid an average of 3,700 tonnes of CO₂ equivalent per year, representing an estimated annual total of more than 6.28 million tonnes of emissions avoided thanks to the funded projects.
Framework revision and investor appetite
In March 2025, Masdar updated its Green Finance Framework to include new asset types such as green hydrogen and standalone battery energy storage systems. Moody’s agency subsequently confirmed the “SQS1 (Excellent)” rating in its external review, thereby validating the framework’s compliance with the Green Bond Principles and Green Loan Principles established by the International Capital Market Association (ICMA).
This revision preceded the issuance of USD 1 billion in green bonds in May 2025, which drew demand 6.6 times higher than supply. The allocation of subscribers was finalized with 85% assigned to international investors and 15% to those from the Middle East and North Africa (MENA) region.
Global deployment and external verification
Masdar’s bond program is part of a broader financing strategy, including USD 6 billion in non-recourse financing mobilized in 2024 to support the construction of 12 projects representing a cumulative capacity of 11 gigawatts across nine countries. These operations reflect the growing intensity of green debt instruments used to support large-scale energy infrastructure projects.
To ensure transparency in tracking financial commitments, Masdar appointed Ernst & Young to conduct a limited assurance review of the fund allocations and environmental indicators presented in the 2024 report.
