UAE-based clean energy company Masdar has entered an agreement with Azerbaijan to invest in 1GW solar and wind projects.
The agreement was signed by Masdar CEO Mohamed Jameel Al Ramahi, Azerbaijan’s Minister of Energy, Parviz Shahbazov, and Minister of the Economy Mikayil Jabbarov following the inauguration of the 230MW Garadagh solar park.
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The agreement is part of the first phase of a 10GW pipeline of renewable energy projects to be built in the country.
Signed by Masdar and Azerbaijan in June 2022, its aim is to develop 4GW of capacity in the first phase and the right to develop a further 6GW in phase two.
The agreement follows the development of Garadagh solar park, which has been built with foreign investment and is the largest in the region.
Garadagh is Masdar’s first project in the country. It was co-financed by the Abu Dhabi Fund for Development, the Asian Development Bank, the European Bank for Reconstruction and Development and the Japan International Co-operation Agency.
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By GlobalDataGroundbreaking on the Garadagh project took place in March 2022. The project can now generate 500 million kilowatt-hours of clean electricity annually, enough to meet the needs of 110,000 homes.
It will also help to avoid more than 200,000 tonnes of carbon emissions annually.
Al Ramahi stated: “The inauguration of Garadagh, the largest operational plant in the region, is a milestone achievement. Azerbaijan is a key strategic partner for Masdar and the signing of these additional agreements today paves the way to accelerate the scale of Azerbaijan’s clean energy vision.
“Garadagh is the first of a number of potential projects to develop onshore wind, offshore wind, solar and green hydrogen with a total combined capacity of 10GW. This will lead to greater investment and international collaboration as we work together to help Azerbaijan achieve its ambitious climate goals.”
Shahbazov stated: “Today is marked by the achievements of the state policy of the president of Azerbaijan, which prioritises the development of renewable energy. The commissioning of the largest solar power plant based on the first foreign investment in our energy history, as well as the signing of investment agreements for the implementation of solar and wind energy projects with a capacity of 1,000MW, show that our country’s green energy and green investment plans are successfully becoming a reality.
“Azerbaijan is pleased to realise its strategic goals as a green energy-producing and exporting country with Masdar, and these projects will play an important role in increasing the share of renewable energy sources in electricity generation capacity to 30% by 2030.”
