The biggest green energy company in the United Arab Emirates is targeting deals in Europe and the US to more than double gross generating capacity to 100 gigawatts by the end of the decade.

While the Middle East will remain Masdar’s largest market, the focus is on the more mature regions for solar and wind power, Chief Operating Officer Abdulaziz Alobaidli said in an interview this week. First on the list is a “transformative” acquisition in Europe, but he declined to say how much money the firm has allocated on growth.

“This is one of the largest markets,” Alobaidli said. “If you want to be a key player, you have to increase your portfolio.”

Masdar is leading the country’s push for renewables as the UAE became the first Middle Eastern oil producer to declare a target to reach net zero carbon emissions by 2050. Its chairman, Sultan Al Jaber, is also the president of the COP28 climate summit that kicks off in Dubai later this month. The appointment, however, has drawn criticism for Jaber’s other role as chief executive officer of Adnoc, which is investing heavily to boost oil and gas production.

Masdar is jointly owned by Abu Dhabi sovereign wealth fund Mubadala Development Co., the country’s largest utility Abu Dhabi National Energy Co., known as Taqa, and government-owned oil producer Abu Dhabi National Oil Co. After Taqa and Adnoc bought into Masdar last year and combined their renewable energy portfolios, the firm held stakes in solar and wind projects of more than 20 gigawatts.

The company is well on its way to doubling that capacity by the end of this year, Alobaidli said, without disclosing how many gigawatts the company currently owns directly or partially. Earlier this year, Taqa said Masdar may spend about $50 billion on solar and wind by 2030 to get to at least 100 gigawatts.

In June, Masdar and Taqa began commercial operations at the 2-gigawatt Dhafra solar plant, developed with partners Jinko Power Co. and Electricite de France SA’s renewables arm. The project in Abu Dhabi was formally inaugurated on Thursday.