Masdar 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 MW as an exclusive concession.
It has 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 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.
Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and 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.”
HE Parviz Shahbazov, Minister of Energy, said, “ 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 to export 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.