Masdar agrees to develop 4 GW of clean energy projects in Azerbaijan

4C Offshore | Tom Russell
By: 06/06/2022 Masdar

UAE-government owned energy company Masdar has signed implementation agreements with the Ministry of Energy of the Republic of Azerbaijan to develop renewable energy projects in the country with a combined confirmed capacity of 4 GW as an exclusive concession, with the right to develop an additional 6 GW as a second phase.

Masdar signed two implementation agreements, one concerns covers integrated offshore wind and green hydrogen projects with a capacity of 2 GW. The other agreement relates to the development of onshore wind and solar photovoltaic (PV) projects, each representing 1 GW of capacity.

The implementation agreements were signed by HE Parviz Shahbazov, Minister of Energy, with Fawaz Al Muharrami, Acting Executive Director of Masdar Clean Energy, signing on behalf of Masdar. The signing took place at an event in Shusha, held as a special session of Baku Energy Week. 

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. 

HE Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar, said: "The 4,000 MW of renewable energy projects announced today 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, Minister of Energy, said: “Today we are going to sign mega projects with Masdar in accordance with 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 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.”