Masdar, one of the world’s leading renewable energy companies, 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.
Masdar signed two implementation agreements, one relating to the development of onshore wind projects with a capacity of 1,000MW, and 1,000MW of solar photovoltaic (PV) projects. The second agreement covers integrated offshore wind and green hydrogen projects with a capacity of 2,000MW.
Masdar also 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. The implementation agreements were signed by Parviz Shahbazov, Minister of Energy, with Fawaz Al Muharrami, acting executive director of Masdar Clean Energy, signing on behalf of Masdar, at an event in Shusha, held as a special session of Baku Energy Week.
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 100GW globally,” Al Jaber said.
4,000MW of renewable energy projects announced today reinforce the close relationship between the UAE and Azerbaijan and are a testament to our shared commitment to progressive climate action, Said Al Jaber.
Parviz Shahbazov, Minister of Energy. “Today we are going to sign mega projects with Masdar by the green energy course of the President of Azerbaijan, which defines renewable energy sources as a strategic priority for the country’s development. 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. Masdar is one of the fastest-growing renewable energy companies in the world with the expectation of reaching well over 50GW total capacity by 2030 — and over 100GW in the following years. In December 2021, the UAE government announced Abu Dhabi energy champions Taqa, Adnoc, and Mubadala are to join forces as shareholders in Masdar, creating a truly global clean energy powerhouse that will be a major force in renewables and green hydrogen.
