The UAE’s state-owned renewable energy company Masdar is looking to make further investments by securing deals in the US and Europe to expand its output.

The company is targeting “more mature regions” for solar and wind power, as part of a plan to more than double its generating capacity to 100 gigawatts, Bloomberg reported on Thursday, quoting Chief Operating Officer Abdulaziz Alobaidli.

One of the plans is to make a “transformative” acquisition in Europe.

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

The company is jointly owned by Abu Dhabi sovereign wealth fund Mubadala, utility firm Abu Dhabi National Energy Co. (Taqa) and oil giant Abu Dhabi National Oil Company. 

Last April, the company completed the acquisition of a 50% stake in a combined solar and battery storage project in California.

It has recently developed the 103.5-megawatt UAE Wind Program that could power 23,000 homes in the UAE every year. The project, which includes wind farms in four locations, uses the latest technology to make wind power possible in the country.