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Masdar partners with SOCAR to develop renewable energy projects with 4 GW capacity

One of the world’s leading energy companies, Masdar has signed joint development agreements with Azerbaijan’s State Oil Company SOCAR, for onshore wind and solar projects and integrated offshore wind and green hydrogen projects, with a total combined capacity of 4 gigawatts (GW).

“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,” said HE Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate and Chairman of Masdar.

“Masdar sees Azerbaijan as a key strategic partner, one we are proud to support in its clean energy journey,” added Mohammed Jameel Al Ramahi, Chief Executive Officer of Masdar. “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.”

Indeed, Azerbaijan aims to increase the shares of renewables in its energy mix by up to 30 per cent by 2030.

“Azerbaijan’s main priority now is the generation of electricity and hydrogen from renewable energy sources, their integration into the country’s energy system, as well as their transportation to more European markets,” stated Azerbaijan’s Minister of Energy Parviz Shahbazov on the occasion of his participation in the Abu Dhabi Sustainability Week in the United Arab Emirates.

In June last year, 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 above-mentioned 4 GW projects are part of the first phase of the agreements signed last year.

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