Tuesday, November 29, 2022
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Masdar to develop 4 GW of clean energy projects in Azerbaijan

Masdar, one of the world’s leading renewable energy companies signed a series of agreements with Azerbaijan’s Ministry of Energy to develop clean and renewable energy projects in the country with a combined capacity of 4,000 megawatts (MW) as an exclusive concession, with the right to develop an additional 6,000 MW as a second phase. This will bring the total production capacity of these projects to 10,000 MW, the largest such signing in Azerbaijan’s history.

“The 4,000 MW of renewable energy projects reinforce the close relationship between the United Arab Emirates and Azerbaijan and are a testament to our shared commitment to progressive climate action,” said HE Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar. “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.”

In particular, one agreement is related to the development of onshore wind projects with a capacity of 1,000 MW and 1,000 MW of solar photovoltaics. The second one covers integrated offshore wind and green hydrogen projects with a capacity of 2,000 MW.

“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,” added Parviz Shahbazov, Azerbaijan’s Minister of Energy.

The agreement for onshore wind and solar projects also 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.

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