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UAE's Masdar to build wind, solar plants in Azerbaijan

Baku, Azerbaijan's capital, will host the COP29 climate summit in November

Published: Tue 4 Jun 2024, 8:28 PM

Updated: Tue 4 Jun 2024, 10:33 PM

  • By
  • Reuters

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Photo: Reuters File. Image used for illustrative purposes.

Photo: Reuters File. Image used for illustrative purposes.

Abu Dhabi state-owned renewable energy firm Masdar will build two solar plants and a wind farm in Azerbaijan with 1 gigawatt of capacity, it said on Tuesday.

Masdar signed agreements with Azeri state oil firm Socar for the projects on Tuesday.

"We are holding 75%, Socar is holding 25%," Maryam Al Mazrouei, Masdar's head of development and investment for the CIS region, told Reuters.

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By the end of 2026 or early 2027, two projects – the 445 MW Bilasuvar Solar PV Project and the 315 MW Neftchala Solar PV Project are expected to become operational, and the 240 MW Absheron-Garadagh Onshore Wind Project should be operating by the end of 2027, she said.

Baku, Azerbaijan's capital, will host the COP29 climate summit in November.

"This builds on the UAE's history of partnership to enhance this country's green growth development and promote sustainable development globally," COP28 President Sultan Al Jaber, who chairs Masdar and is chief executive of UAE state oil giant ADNOC, said in Baku on Tuesday.

Nearly 200 countries agreed at COP28 to "transition away" from fossil fuels.

Al Jaber repeated on Tuesday that UAE climate fund Alterra will raise more than $200 billion in investments over the next six years.

The $30 billion fund said, when it launched in December, that it aimed to attract $250 billion of institutional investments by 2030.

Alterra was set up by Lunate, an Abu Dhabi alternative investment manager owned by its senior management and Chimera Investment, which is part of a business empire overseen by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security adviser.

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