Najm CapitalNajm Fund I + Co-InvestGCC growth equity, infrastructure, and strategic buyouts · Q1 2026 reporting
3
K. Al Rashidi · Director
KR
All positions
Masdar
On thesisRenewable Energy·Energy & Infrastructure·Structured Preferred·Invested 2021·3% stake
Position
Mark1.71x
Gross IRR17%
Invested$330M
Q3 movement:+$210M·$1.1B Jordan wind project-finance close · Google PPA expansion · Abu Dhabi Net Zero 2050 tailwind
LatestNo recent touchpoints recorded.
Ownership + team
3% stake · 1 observer seat1.0x liquidation preference · 5% PIK dividend
Abu Dhabi clean energy · 1.71x mark · 30GW operating portfolio · COP28 mandate accelerating project pipeline · ADNOC + Mubadala + ADQ tripartite support
Ask about Masdar · pulls from SharePoint memos + Snowflake fund DB + firm memory
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Financial profileLatest as of 2026-03-31
Operating capacity30 GWSolar + wind · 40+ countries
Revenue (est.)$2.8BLTM · PPA contracted base
MOIC1.71x$3.5B entry → $5.98B mark
Pipeline100 GWDevelopment + early-stage
Three-way benchmark
Operating capacitymeasured in GW
Actual
Thesis target
VCP plan
Peer median
Performance update
Operating capacity reached 30GW Q1 2026 · ahead of 28GW plan · COP28 pipeline converting faster
Green hydrogen: first commercial production from NEOM JV · 5kt H2 in Q1 2026
UK offshore wind portfolio (Dogger Bank Phase 1) achieved COD · 1.1GW · first power delivered Feb 2026
Abu Dhabi committed AED 85B ($23B) additional Masdar capitalisation through 2030 · Najm position dilution managed via anti-dilution provision