UAE-owned renewable energy company Masdar has signed a joint development agreement with state utility Turkmenenergo to develop a 100MW solar PV plant in Turkmenistan.
This marks the company’s first project in the country for which it will work with the Ministry of Energy’s utility and help the country modernise its energy infrastructure that relies heavily in fossil fuels.
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The agreement builds on a memorandum of understanding (MoU) that Masdar and the Turkmenistan government signed in October 2021 to explore the development of and investment in solar and wind power projects in the country on a public-private partnership basis.
This marks another investment in the region for Masdar this year after achieving financial close for 230MW solar PV in Azerbaijan as well as signing a 10GW renewables agreement with the Ministry of Energy of the country and a MoU for 1GW of renewables in Kyrgyzstan.
Mohammed Jameel Al Ramahi, CEO at Masdar, said: “As a global leader in renewable energy with many projects across Central Asia, Masdar has the right expertise and experience needed to support Turkmenistan’s development of its renewable energy sector.”
At the beginning of the year, the UAE-owned renewables company formed a joint venture to develop a gigawatt portfolio of renewables across Africa and Central Asia, among them the Commonwealth of Independent States (CIS) region: Azerbaijan, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan and Georgia.