Masdar, one of the world’s leading clean energy businesses, has inked cooperative development agreements with Azerbaijan’s State Oil Company (SOCAR) for onshore wind and solar projects, as well as integrated offshore wind and green hydrogen projects, totaling 4 gigatonnes (GW).
The agreements were signed by Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Rovshan Najaf, President of SOCAR, on the margins of Abu Dhabi Sustainability Week, the worldwide platform for driving sustainable development held by Masdar. The signing was witnessed by 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.
Dr. Al Jaber said, “These agreements will serve to strengthen the already powerful relationship between the United Arab Emirates and the Republic of Azerbaijan, according to WAM 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.”
Al Ramahi said, “Masdar sees Azerbaijan as a key strategic partner, one we are proud to support in its clean energy journey. 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.”
Masdar inked implementation agreements with Azerbaijan’s Ministry of Energy in June last year to build a bilateral renewable energy programme with a total capacity of 10 GW across different technologies, one of the largest such signatures in Azerbaijan’s history. The joint development agreements outline the parties’ collaboration and partnership concepts for the development of the first phase of the programme, which has a total capacity of 4 GW.
SOCAR is an integrated national oil and gas firm that contributes to Azerbaijan’s energy security. As the Central Asian nation seeks to diversify its economy and minimise greenhouse gas emissions, Azerbaijan is pursuing a national goal of producing 30% of its domestic power needs from renewable energy sources by 2030.
Masdar is also building Azerbaijan’s 230-megawatt Garadagh Solar PV Plant. The plant will help create half a billion kilowatt-hours of electricity each year, enough to power more than 110,000 homes, while simultaneously reducing emissions by more than 200,000 tonnes per year and creating significant jobs.
Masdar has announced a new shareholding structure and increased emphasis on green hydrogen, elevating it to the ranks of the world’s largest clean energy enterprises. The new Masdar is a clean energy powerhouse that will spearhead the UAE’s Net Zero by 2050 Strategic Initiative and drive the global energy revolution, with a goal of achieving 100 GW renewable energy capacity and green hydrogen production of 1 million tonnes per annum annually by 2030.
