- Memorandum of Understanding (MoU) also signed with State Oil Company of Azerbaijan Republic (SOCAR) on joint development of renewable energy sources
ABU DHABI, June 5, 2022: Masdar, one of the world’s leading renewable energy companies, has signed implementation agreements with the Ministry of Energy of the Republic of Azerbaijan to develop clean and renewable energy projects in the country with a combined confirmed capacity of 4,000 megawatts (MW) as an exclusive concession, with 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 – the largest such signing in Azerbaijan’s history.
Masdar signed two implementation agreements, one relating to the development of onshore wind projects with a capacity of 1,000 MW, and 1,000 MW of solar photovoltaic (PV) projects. The second agreement covers integrated offshore wind and green hydrogen projects with a capacity of 2,000 MW.
The implementation agreements were signed by HE Parviz Shahbazov, Minister of Energy, with Fawaz Al Muharrami, Acting Executive Director of Masdar Clean Energy, signing on behalf of Masdar, at an event in Shusha, held as a special session of Baku Energy Week.
HE Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar, said, “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.”
HE Parviz Shahbazov, Minister of Energy, said, “Today we are going to sign mega projects with Masdar 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.”
The agreement for onshore wind and solar projects includes measures to study and strengthen the network and implement processes for the export of electricity. The second agreement includes measures to create wind power for production and export purposes, decarbonization, hydrogen production and export.
At the same 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 CEO 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 emissions by more than 200,000 tonnes a year, while also creating valuable jobs.
Masdar is one of the fastest-growing renewable energy companies in the world with the expectation of reaching well over 50 GW total capacity 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 capacity on 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.
Abu Dhabi’s renewable energy company Masdar is advancing the commercialization and deployment of renewable energy, sustainable urban development, and clean technologies to address global sustainability challenges. Wholly owned by Mubadala Investment Company, the strategic investment company of the Government of Abu Dhabi, our mandate is to help maintain the UAE’s leadership in the global energy sector while supporting the diversification of both its economy and energy sources for the benefit of future generations. Today, Masdar is active in 40 countries, including the UAE, Jordan, Saudi Arabia, Mauritania, Egypt, Morocco, the UK, the US, Australia, Serbia, India, Indonesia, Uzbekistan, and many more.