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Sun, Nov 24, 2024 | Jumada al-Awwal 23, 1446 | DXB
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Masdar to develop ‘mega projects’ in Azerbaijan
The Abu Dhabi-based company signs agreements to develop 4,000MW of clean and renewable energy projects in Azerbaijan
Parviz Shahbazov, Minister of Energy, and Fawaz Al Muharrami, acting executive director of Masdar Clean Energy, signing the agreements on behalf of Masdar, at an event in Shusha, held as a special session of Baku Energy Week. — Supplied photo
Masdar on Sunday announced that it signed a mega deal in Azerbaijan to develop clean and renewable energy projects of up to 10,000 megawatts (MW) in the country.
In a statement, the Abu Dhabi-based world’s leading renewable energy company said it signed implementation agreements with the Ministry of Energy of the Republic of Azerbaijan to develop ‘mega projects’ in the country with a combined confirmed capacity of 4,000MW as an exclusive concession, with the right to develop an additional 6,000MW as a second phase, bringing the total production capacity of these projects to 10,000 MW — the largest such signing in Azerbaijan’s history.
Wind, solar projects
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.
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.
Masdar a global leader
Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar, said the 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.
“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.
Azerbaijan redefining renewable energy sources
Parviz Shahbazov, Minister of Energy, said these solar, wind and green hydrogen projects will be developed in first phase and defines renewable energy sources as a strategic priority for the country’s development.
“These 4,000MW 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,” he said.
The agreement for onshore wind and solar projects includes measures to study and strengthen the network and implement processes for the export of electricity. The second agreement includes measures to create wind power for production and export purposes, decarbonization, hydrogen production and export.
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.
Beginning of new era
In March, Masdar’s CEO Mohamed Jameel Al Ramahi attended the groundbreaking ceremony for Masdar’s230 MW Garadagh Solar PV Plant in Azerbaijan. The plant, expected to start commercial operation in 2023, will help to generate half a billion kilowatt-hours of electricity annually, enough to meet the needs of more than 110,000 homes, and will reduce emissions by more than 200,000 tonnes a year, while also creating valuable jobs.
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.
Last year alone, Masdar increased capacity on its worldwide clean energy portfolio by 40 per cent and already in 2022 the company has signed agreements to explore and develop renewable energy and green hydrogen projects with a combined capacity of more than 10GW.
Key takeaways
• Masdar signs implementation agreement to develop solar projects with capacity of 1,000MW and 1,000MW of onshore wind
• Implementation agreement for integrated offshore wind and green hydrogen projects with capacity of 2,000MW also signed
• Memorandum of understanding also signed with State Oil Company of Azerbaijan Republic on joint development of renewable energy sources
— muzaffarrizvi@khaleejtimes.com
Muzaffar Rizvi
Muzaffar Rizvi is an accomplished financial journalist with more than 25 years of experience in the UAE and Pakistan. He has good writing skills, strong grip on production and an excellent news sense.
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