- Masdar, a rapidly growing clean energy company based in Abu Dhabi, has successfully acquired a 50% stake in a U.S.-based solar and battery storage project, called the Big Beau project. By purchasing this share from EDF Renewables North America, Masdar aims to increase its footprint in the U.S. renewables market. Masdar and EDF Renewables are partnering in eight green energy projects, including a 128MW solar plant and a 40MW/160MWh battery storage system.
- Masdar, a prominent clean energy company, operates in 40+ countries and has invested over $30 billion in projects. Since its establishment in 2006, it has been a key driver of the UAE's economic diversification and climate action agenda. The company plans to increase its renewable energy capacity to 100 GW worldwide by 2030, with the majority of it being generated from wind and solar technology.
Why it matters
Under the Accelerating Clean Energy (PACE) agreement, the UAE and the U.S. have committed to funding 15 gigawatts of clean energy projects by the end of 2035 in the U.S., the world's biggest economy. Masdar and a group of private U.S. investors will spearhead the clean energy initiatives. The total cost of the project is $20 billion.
