Masdar to develop up to 10GW of renewables in Azerbaijan in two phase agreement

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Masdar is targeting 50GW of renewable capacity by 2030. Image: Masdar.

UAE-owned renewable energy company Masdar has penned an agreement with the Ministry of Energy of the Republic of Azerbaijan to develop up to 10GW of renewables in the country as Masdar continues to expand its international presence.

Announced yesterday, the agreement, which Masdar said was the “largest such signing in Azerbaijan’s history”, will see the company develop both solar and wind projects with a combined capacity of 4GW, with the right to develop an additional 6GW in a later second phase.

Two implementation agreements have been signed for the first phase. The first related to 1GW of solar PV and 1GW of onshore wind projects. The second covers integrated offshore wind and green hydrogen projects with a capacity of 2GW. Details on the second phase were not disclosed.

“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,” Sultan Ahmed Al Jaber, minister of industry and advanced technology and chairman of Masdar, said.

Under the agreement, meanwhile, Masdar will explore opportunities to “implement processes for the export of electricity”, it said in a media statement, adding that the second phase also includes measure to export power outside of Azerbaijan.

Masdar – which is targeting 50GW of renewables by 2030 – has signed a number of notable international projects this year. In April, it signed a Memorandum of Understanding (MoU) with Kyrgyzstan’s Ministry of Energy to explore the development of 1GW of renewables, and in January it set up a new joint venture (JV) to focus on developing renewables across Eastern Europe, Central Asia and Africa with an initial pipeline of 8GW.

Finally, also in January, Masdar signed an MoU with three other energy companies to develop 1.2GW of solar in Indonesia that is intended to export electricity to Singapore.

The above announcements followed a restructuring of the company’s ownership. In December last year, the UAE government announced Abu Dhabi energy companies TAQA, ADNOC and Mubadala would join forces as shareholders in Masdar.

4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.

Read Next

June 30, 2022
Voltalia has started the development of a cluster of solar PV projects in Brazil with a planned combined capacity of 1.5GW.
June 29, 2022
A round-up of the latest news from the US solar market, including EDF Renewables selling its 270MWdc Huck Finn Solar Project to a local utility, CS Energy partnering to deliver New York community solar and NextEnergy Capital expanding its US presence.
June 29, 2022
The US solar industry added 17,212 jobs in 2021, up 5.4% on 2020 figures, with 40% of all US energy jobs now focused on the transition to a net zero economy, according to the Department of Energy’s (DOE) US Energy and Employment Report (USEER).
PV Tech Premium
June 28, 2022
Solar and energy storage were described by Elon Musk as going together “like peanut butter and jelly”. Andy Colthorpe meets some of the players creating this winning combination in the US.
June 28, 2022
Utility-scale renewables developer Intersect Power has secured US$750 million in funding to take its portfolio of renewables, energy storage and green hydrogen projects beyond 8GW.
June 28, 2022
Energy giant Statkraft intends to develop 4GW of onshore renewables each year by 2030, an acceleration of its previous 2025 target of 2.5GW - 3GW.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event