Masdar partners with Azerbaijan’s SOCAR to develop renewable energy projects
The projects will have a total combined capacity of 4 gigawatts
Abu Dhabi: Clean energy company Masdar has signed joint development agreements with the State Oil Company of the Republic of Azerbaijan (SOCAR) for onshore wind and solar projects, and integrated offshore wind and green hydrogen projects, with a total combined capacity of 4 gigawatts (GW).
The agreements were signed by Mohamed Jameel Al Ramahi, CEO of Masdar, and Rovshan Najaf, President of SOCAR, on the sidelines of Abu Dhabi Sustainability Week.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, COP28 President-Designate, and Chairman of Masdar, and Mikayil Jabbarov, Minister of Economy for Azerbaijan, witnessed the signing.
Dr. Al Jaber said: “These agreements will serve to strengthen the already powerful relationship between the UAE and Azerbaijan, and are a testament to our shared commitment to diversifying our energy mix and developing low- and zero-carbon solutions. As global leaders gather here in the UAE for Abu Dhabi Sustainability Week, we are demonstrating the power of partnership and cooperation in advancing the inclusive energy transition and I look forward to seeing more announcements being made at ADSW.”
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, one of the largest such signings in Azerbaijan’s history. The joint development agreements set out the collaboration and partnership principles between the parties for the development of the first phase of the program, with a total capacity of 4 GW.
SOCAR is an integrated national oil and gas company supporting the energy security of the Republic of Azerbaijan. Azerbaijan is pursuing a national target of producing 30 percent of its domestic power needs from renewable energy sources by 2030, as the Central Asian nation looks to diversify its economy and reduce greenhouse gas emissions.
Masdar is also developing the 230-megawatt Garadagh Solar PV Plant in Azerbaijan. The plant 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.