The Chief Financial Officer of Abu Dhabi Future Energy Company (Masdar), Niall Haniagan, announced on Wednesday that the company is in discussions for potential acquisitions in the United States, noting that it aims to expand in Europe, the Gulf countries, and other locations. Haniagan stated, "We plan for significant growth in the North American market; the United States will be a key market for mergers and acquisitions." He added that Masdar is having ongoing discussions, mentioning that the Inflation Reduction Act introduced by U.S. President Joe Biden, worth $430 billion, has "enhanced" its outlook on the U.S. market.
Haniagan also indicated that Masdar looks to grow in Europe, with its main markets being Southern Europe, the Balkans, and Eastern Europe, adding that the company will continue to grow in Britain, Poland, Serbia, Montenegro, and Greece. He noted that the Gulf countries, including Saudi Arabia, will be "a huge area for growth." He emphasized that Central Asia, as well as the Asia-Pacific region and Africa, are also areas for future growth.
Haniagan mentioned that Masdar raised $750 million from green bonds for the first time yesterday, which will be used to repay two loans amounting to $250 million for a 200-megawatt solar photovoltaic power generation project in Azerbaijan and 500 megawatts from an offshore wind project in Uzbekistan. The remaining amount of $250 million will go towards three solar projects in Uzbekistan that are nearing financial closure. He stated, "So we are already securing new capabilities, so I expect we are likely to return to the market (debt instruments) again in 2024," adding that Masdar will only issue bonds for projects that are already secured.
Haniagan stated, "While we operate in emerging and developing economies, we still lean towards investment-grade countries." He added that he expects Masdar's focus on investment-grade countries to remain as it aims for its 2030 target of a proven capacity of 100 gigawatts. In November, the UAE and the United States agreed to invest $100 billion in clean energy projects to add 100 gigawatts globally by 2035.
Sultan al-Jaber is the chairman and founding CEO of Masdar, and he is also the president of the United Nations Climate Change Conference (COP28). His appointment as conference president has drawn criticism due to his position as the CEO of the Abu Dhabi National Oil Company (ADNOC). Al-Jaber stated last week that participating countries in COP28 must accelerate their climate goals, which have significantly lagged, and agree on a plan to get back on track.
