One of the world’s leading renewable energy companies, 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 megawatts (MW) as an exclusive concession.
Under the agreements, Masdar 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, the largest such signing in Azerbaijan’s history.
According to the statement, “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.”
The agreement for onshore wind and solar projects 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.
Dr. Sultan bin Ahmed Al Jaber UAE Minister – Industry & Advanced Technology Chairman – Masdar
“The 4,000 MW of renewable energy projects announced reinforce the close relationship between the United Arab Emirates and Azerbaijan and are a testament to our shared commitment to progressive climate action. 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.”
HE Parviz Shahbazov, Azerbaijan’s Minister of Energy said that, “These 4,000 MW solar, wind, and green hydrogen projects, being the largest renewable energy production capacity in the region and 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.”
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.
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