Masdar, Azerbaijan’s SOCAR Sign Deal to Develop 4 GW Renewable Energy Projects

Masdar Plans Expansion in Saudi with 1.1 GW & Azerbaijan with 500 MW Projects

Expanding its already established-role in Central Asia, UAE flagship company developing renewable energy, Masdar has announced new deal with the State Oil Company of the Republic of Azerbaijan (SOCAR) to develop onshore wind and solar projects. Masdar will also develop integrated offshore wind and green hydrogen projects. The total combined capacity of projects has been announced to be 4 GW.

The agreements were signed by Masdar CEO Mohamed Jameel Al Ramahi and SOCAR President Rovshan Najaf on the sidelines of Abu Dhabi Sustainability Week.

Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate, said, “These agreements will serve to strengthen the already powerful relationship between the United Arab Emirates and the Republic of Azerbaijan, and are a testament to our shared commitment to diversifying our energy mix and developing low- and zero-carbon solutions. “

Mohammed Jameel Al Ramahi, said, “This signing marks a milestone on the development and delivery of a significant collaboration that will advance Azerbaijan’s renewable energy goals and support its ongoing sustainable economic development.”

In June, 2022, Masdar signed implementation agreements with Azerbaijan’s Ministry of Energy to develop a renewable energy program on a bilateral basis, with a total capacity of 10 GW across multiple technologies. The joint development agreements set out the collaboration and partnership principles between the parties for the development of the first phase of the program, with a total capacity of 4 GW.

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Masdar said that its already developing the 230-MW Garadagh Solar PV Plant in Azerbaijan that will 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.

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A week ago, Masdar signed an agreement with Kyrgyzstan, another Central Asian state, to develop a pipeline of renewable energy projects of up to 1 gigawatt (GW) capacity; beginning with a 200-MW solar power project.

SOCAR is an integrated national oil and gas company supporting the energy security of Azerbaijan. The country is pursuing a national target of producing 30 percent of its domestic power needs from renewable energy sources by 2030.