Masdar to develop 4 GW of renewables capacity in Azerbaijan
Azerbaijan, Baku: UAE-based Masdar has signed implementation agreements with the Ministry of Energy of Azerbaijan to develop 4 GW of clean energy capacity.
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Azerbaijan, Baku: UAE-based Masdar has signed implementation agreements with the Ministry of Energy of Azerbaijan to develop 4 GW of clean energy capacity.
This also includes the right to develop an additional 6 GW in the future.
Under the first 4 GW phase, Masdar signed two implementation agreements. One is for the development of onshore wind projects with a capacity of 1 GW and 1 GW of PV solar projects, with the second agreement covering integrated offshore wind and green hydrogen projects with a total capacity of 2 GW.
If both phases are implemented, Masdar will develop 10 GW across Azerbaijan, the largest such deal in the country’s history.
The agreements were signed by Azerbaijan’s energy minister Parviz Shahbazov and Fawaz al-Muharrami, acting executive director of Masdar Clean Energy in Shusha, Azerbaijan.
Msadar also signed a memorandum of understanding (MoU) with Azerbaijan’s state oil company SOCAR for the joint development of renewable energy projects.
“The 4,000 MW of renewable energy projects announced today reinforce the close relationship between the United Arab Emirates and Azerbaijan and are a testament to our shared commitment to progressive climate action. 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. 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,” said Sultan Ahmed Al-Jaber, UAE minister of industry and advanced technology and chairman of Masdar, following the signing of the implementation agreements.
In March, Masdar broke ground on the 230 MW Garadagh PV solar plant in Azerbaijan. The Garadagh PV project, expected to begin commercial operation in 2023, will generate half a billion kWh of electricity annually – enough to meet the demands of more than 110,000 homes and reduce carbon emissions by more than 200,000 T a year.
Source: Energy & Utilities
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