Abu Dhabi-based renewable energy company Masdar signed agreements with the Ministry of Energy of the Republic of Azerbaijan to develop clean and renewable energy projects in the country, with a combined capacity of 4,000 megawatts (MW) as an exclusive concession.
The agreements also include the right to develop an additional 6,000 MW as a second phase, bringing the total production capacity of these projects to 10,000 MW, Masdar said in a statement.
Parviz Shahbazov, Minister of Energy, said the signing of mega projects with Masdar was in accordance with the green energy course of the President of Azerbaijan, which defines renewable energy sources as a strategic priority for the country’s development.
“These 4,000 MW solar, wind and green hydrogen projects, being the largest renewable energy production capacity in the region and in our energy history, provide ample opportunities for the development of Azerbaijan as a green growth country, green energy producer and exporter, as well as allow for involving multibillion-dollar green investment,” Shahbazov said.
The agreements were signed by Parviz Shahbazov with Fawaz Al Muharrami, acting executive director of Masdar Clean Energy, signing on behalf of Masdar, at an event in the city of Shusha, held as a special session of Baku Energy Week.
“These clean energy projects also demonstrate the valuable economic opportunities of the energy transition and will contribute to the energy diversification and energy security of Azerbaijan,” the minister said.
The agreement for onshore wind and solar projects includes measures to study and strengthen the network and implementation processes for electricity export while the second agreement includes measures to create wind power for production and export purposes, de-carbonisation, hydrogen production and export.
The 4,000 MW of renewable energy projects announced on Sunday reinforced the close relationship between the UAE and Azerbaijan and are a testament to the shared commitment to progressive climate action, said Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of MasdarAl Jaber.
“Today’s announcement also underscores the UAE and Masdar’s position as a global leader in renewable energy, as we progress our strategy toward a portfolio of at least 100 GW globally,” he added.
At the Baku Energy Week event, Masdar also signed a Memorandum of Understanding (MoU) with the State Oil Company of Azerbaijan Republic (SOCAR) for the joint development of renewable energy sources.
In March, Masdar’s chief executive officer Mohamed Jameel Al Ramahi attended the groundbreaking ceremony for Masdar’s 230 MW Garadagh Solar PV Plant in Azerbaijan.
The plant, expected to start commercial operation in 2023, will help to generate half a billion kilowatt-hours of electricity annually, enough to meet the needs of more than 110,000 homes, and will reduce carbon emissions by more than 200,000 tonnes a year, while also creating jobs.
Masdar, one of the fastest-growing renewable energy companies in the world, is expected to reach a total capacity of over 50 GW by 2030 and over 100 GW in the following years.
In December 2021, the UAE government announced Abu Dhabi energy champions TAQA, ADNOC, and Mubadala are to join forces as shareholders in Masdar, creating a truly global clean energy powerhouse that will be a major force in renewables and green hydrogen.
Last year alone, Masdar increased the capacity of its worldwide clean energy portfolio by 40 percent, and already in 2022 the company has signed agreements to explore and develop renewable energy and green hydrogen projects with a combined capacity of more than 10 GW.
Follow us on
