Masdar, one of the world’s leading renewable energy companies and a subsidiary of Mubadala Investment Company, has won the ‘Energy Company of the Year’ accolade for the third time at the Gulf Business Awards 2021.
Masdar’s victory in this award comes after the company more than doubled the capacity of its renewable energy portfolio within two years, with the company now investing in or committed to invest in projects with a total generation capacity of at least 13 gigawatts.
Masdar City, Abu Dhabi’s only planned and approved research and development cluster, also continues to expand, with the City being home to more than 1,000 companies.
The Abu Dhabi-based company aims to strengthen the UAE’s position as one of the world’s leading exponents of green energy. The company operates in more than 35 countries with a total investment of about $20 billion.
“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. 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.”
The Gulf Business Awards recognize companies positively impacting and driving the GCC’s economic landscape, with companies being judged on criteria including innovation, growth, financial results, and corporate social responsibility.
Gulf Business, which is celebrating its 25th anniversary this year, presented awards to companies and business leaders within the sectors of banking, energy, healthcare, investment, real estate, retail, technology, transport and logistics, as well as tourism and hospitality.
Masdar is also planning to double its renewable energy capacity in the next five years from current levels, with a sizeable part of its growth coming from South-East and Central Asia. It is looking to develop new projects in Malaysia, Vietnam, Indonesia and Taiwan, and is optimistic about new opportunities in Uzbekistan, Kazakhstan, Azerbaijan and Armenia.