Masdar has entered into a collaboration agreement with the Azerbaijan Green Energy Company (AGEC) to assess opportunities for new renewable energy developments in Azerbaijan.
Under the agreement, Masdar will explore expanding its 230MW Garadagh solar photovoltaic (PV) plant by at least 350MW and installing a battery energy storage system with up to 200MW-hours (MWh) of capacity.
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The company will also evaluate the potential for a 100MW round-the-clock (RTC) renewable energy project, building on its work in Abu Dhabi, where it is developing a $6.1bn (Dh22.4bn) RTC renewable programme.
United Arab Emirates Minister of Industry and Advanced Technology and Masdar chairman Sultan Ahmed Al Jaber signed the agreement with AGEC executive board deputy chairman Khayala Naghiyeva.
Masdar CEO Mohamed Jameel Al Ramahi said: “Garadagh established a strong foundation for Masdar in Azerbaijan and demonstrated our ability to deliver large-scale renewable energy projects successfully.
“This agreement with AGEC gives us the opportunity to build on that track record by expanding the project, integrating battery storage and exploring round-the-clock renewable power.”
Separately, Masdar and SOCAR Green, a subsidiary of Azerbaijan’s state oil company SOCAR, announced the financial close of the 315MW Neftchala solar PV project in Neftchala, Azerbaijan.
The project will be financed by the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development and the Asian Development Bank.
The Neftchala facility is expected to generate more than 686 million kilowatt-hours of renewable electricity per year, enough to supply around 140,000 homes and avoid approximately 280,000t of carbon emissions annually.
Masdar began its operations in Azerbaijan with the Garadagh project, inaugurated in 2023 as the nation’s first foreign investment-based independent utility-scale solar power plant.
Garadagh produces approximately 500 million kilowatt-hours of electricity annually.
In addition to Neftchala, Masdar and SOCAR Green are co-developing the 445MW Bilasuvar solar project and the 240MW Absheron-Garadagh onshore wind project, bringing Masdar’s total capacity in Azerbaijan to more than 1.2GW.
Masdar has a diversified renewable energy portfolio exceeding 65GW, covering a broad range of technologies including solar power, onshore and offshore wind, battery energy storage and hybrid solutions.
