Masdar While battery costs may be falling, they are still high. Consequently, the technology will be out of reach for some developing countries. Additionally, many utilities are hesitant to invest due to the lack of regulatory incentives—even though their grids are outdated. Nevertheless, market fundamentals favor the entry of solar-plus-storage projects. The growth of artificial intelligence and the emerging world’s economic spurt are significant factors. Masdar Chairman Dr. Sultan Al Jaber addressed an audience and said the entrance of AI means electricity growth will shoot up by 250% by 2050, necessitating newer and cleaner energy ideas. “For decades, the biggest barrier facing renewable energy has been intermittency,” Al Jaber said. “It has been the moonshot challenge of our time. How can we power a world that never sleeps with energy sources that do? How can we transform renewable resources into reliable power? Battery storage is the fastest-growing energy technology in the world today. A record 100 gigawatts of storage will be added to the grid this year” — a tiny fraction of the overall power demand. Masdar has a proven track record. It developed Al Dhafra, a major project in 2023 that supplies 2 gigawatts to the plant’s off-taker, Emirates Water and Electricity Company. The UAE is home to multiple solar plants, including one of the world’s largest: Noor Abu Dhabi, generating over 1,100 megawatts—a facility of 3.2 million solar panels connecting to the grid. Built in 2019 for $870 million, it can provide electricity to 90,000 people. The UAE aims to produce half of its electricity from clean energy sources by 2050, which will help reduce its carbon footprint by 70%. Masdar also developed the Desert Harvest 1 and Desert Harvest 2 solar-plus-battery projects in Southern California in 2020. Together, they feature more than 500,000 solar panels and can power 77,000 homes. As of the end of 2024, Masdar’s renewable energy portfolio has grown to over 51 gigawatts, including projects that are under construction, in the pipeline, or operational. This marks a 150% increase from 20 gigawatts in 2022. The total investment in 2024 amounted to $8 billion in equity and over $4.5 billion in project financing across nine countries, underscoring Masdar’s commitment to renewable energy and its aim to reach 100 gigawatts by 2030. Its total investment was reportedly $30 billion, distributed across 40 countries. Perfect Recipe For Success