Abu Dhabi's Masdar named energy company of the year for third time

It has more than doubled the capacity of its renewable energy portfolio in two years

The Knowledge Centre at Masdar City in Abu Dhabi. Ravindranath K / The National

Masdar, a subsidiary of Mubadala Investment Company, has been recognised as the "Energy Company of the Year" for the third time at the Gulf Business Awards 2021.

The Abu Dhabi company also won this award in 2016 and 2017.

“Receiving this award once again is testimony to the commitment and efforts of our dedicated employees around the world and to the unstinting support of our shareholder, Mubadala Investment Company,” said Mohamed Al Ramahi, chief executive of Masdar.

Masdar has more than doubled the capacity of its renewable energy portfolio in two years, with the company now investing in or committed to invest in projects with a total generation capacity of at least 13 gigawatts.

It aims to strengthen the UAE’s position as one of the world’s leading exponents of green energy. The clean energy company operates in more than 35 countries with a total investment of about $20 billion.

In September, Masdar received investment grade A2 and A+ ratings from Moody’s Investors Service and Fitch Ratings, respectively, marking the first time the company was rated by global agencies.

“Masdar is proud to have played a key role in the UAE’s energy transition over the past 15 years, and today we are active in almost 40 countries around the world, helping nations achieve their climate objectives,” Mr Al Ramahi said.

“In Masdar City, we have created a true green print for sustainable urban development, providing a hub for tech pioneers to innovate the solutions of tomorrow.”

Masdar plans to double its renewable energy capacity in the next five years from current levels, with a sizeable part of its growth to come from South-East and Central Asia.

It is looking to develop new projects in Malaysia, Vietnam, Indonesia and Taiwan, and is bullish on new opportunities in Uzbekistan, Kazakhstan, Azerbaijan and Armenia.

The Gulf Business Awards recognise companies having positive effects and driving the GCC’s economic landscape, with businesses being judged on criteria including innovation, growth, financial results and corporate social responsibility.