Masdar To Develop 4 GW of Renewable Projects In Azerbaijan

Adding to its international expansion, the UAE based leading renewable energy developer Masdar has announced that it has signed ‘implementation agreements’ with the Government of Azerbaijan to develop clean and renewable energy projects in the country with a combined confirmed capacity of 4,000 MW. Masdar will also have 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. This is the largest renewable agreement by Azerbaijan in its history.

According to the official statement by Masdar, the company signed two agreements. One is for 1000 MW onshore wind projects and 1,000 MW solar power projects. The second pact covers integrated offshore wind and green hydrogen projects of 2,000 MW.

Dr Sultan Ahmed Al Jaber, Chairman of Masdar, said, “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.”

Parviz Shahbazov, Minister of Energy, Azerbaijan, stated, “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.”

Madar mentioned that the upcoming onshore wind and solar projects includes measures to study and strengthen the network and implement processes for the export of electricity.

There is also a Memorandum of Understanding that Masdar has signed with the State Oil Company of Azerbaijan Republic (SOCAR) for renewable energy sources development.

Renewables’ push by Masdar globally

About two months ago, Masdar began the construction of 230 MW Garadagh Solar PV Plant in Azerbaijan that will be operational in 2023. This alone will generate half a billion kWh of electricity annually to electrify 110,000 homes and reduce emissions by more than 200,000 tonnes a year.

Masdar is an Abu Dhabi based Renewable energy player which claims to be one of the fastest growing in the world. It looks to reach 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’s portfolio of the company rose by 40 per cent. It has signed agreements that will raise it further by 10 GW in 2022.