Abu Dhabi Future Energy Company - Masdar (MASDAR) Investor presentation summary

Portfolio scale and growth

• Gross capacity reached 66.5 GW at year-end 2025, across 240+ projects in 25 countries; 2025 generation was 40.2 TWh.

• Gross operating capacity was 20.3 GW, with 25.5 GW under construction and committed and 20.7 GW in advanced pipeline.

• Target gross generation capacity: 100 GW by 2030.

• Portfolio is weighted ~68% to developed markets and ~32% to developing and emerging markets.

Market position and execution

• End-to-end capabilities span origination, development, financing, procurement, operations and maintenance, and repowering.

• Markets served account for 70% of global renewables growth; KSA tender win rate exceeds 50%, with ~20 GW potential through 2035 and a 20 GW+ pipeline.

• The 2024 acquisition of a 50% stake in Terra-Gen expanded the US operating portfolio to 43 projects with gross capacity above 5.5 GW.

• Dogger Bank South is a 3 GW UK offshore wind project co-developed 50/50 with RWE; East Anglia 3 is a 1.4 GW project co-owned 50/50 with Iberdrola.

• Construction began on a 1 GW Round-the-Clock solar and battery storage project designed to provide uninterrupted baseload power for Stargate UAE.

Credit quality and funding

• ~93% of gross capacity is under long-term take-or-pay PPAs, supporting 80% of contracted revenue; average remaining contracted revenue life is ~16 years.

• Asset availability is ~95%; average fleet age is 3–4 years, with 22+ years of remaining life excluding repowering and life extension.

• Credit ratings are AA-/AA-/A1; non-recourse project finance accounts for ~75% of funding.

• US$2.75bn of green bonds have been issued; US$2.365bn was allocated to projects and US$385m remained as of 30 April 2026.

• Green bond proceeds were allocated to 30 projects with total gross capacity exceeding 16 GW.