ABU DHABI, 17th January, 2023 (WAM) — Masdar, one of the world’s leading clean energy companies, has signed an agreement with the State Oil Company of the Republic of Azerbaijan, SOCAR, for the joint development of onshore wind and solar projects, as well as integrated offshore Wind and green hydrogen projects with a combined installed capacity of 4 gigawatts (GW).
The agreements were signed by Masdar CEO Mohamed Jameel Al Ramahi and SOCAR President Rovshan Najaf during Abu Dhabi Sustainability Week, a global platform hosted by Masdar to accelerate sustainable development. The signing was witnessed by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technologies of Azerbaijan, Chairman-designate of COP28, Chairman of Masdar, and Minister of Economy of Azerbaijan Mikayil Jabbarov.
Dr Al Jaber said, “These agreements will help strengthen the already strong relationship between the United Arab Emirates and the Republic of Azerbaijan and demonstrate our shared commitment to diversify the energy mix and develop low- and zero-carbon solutions. With As global leaders gather in the UAE for Abu Dhabi Sustainability Week, we are demonstrating the power of partnership and collaboration to advance an inclusive energy transition, and I look forward to seeing more announcements made at ADSW.”
Al Ramahi said: “Masdar views Azerbaijan as an important strategic partner and we are proud to support this partner in its clean energy journey. This signing marks a milestone in the development and delivery of an important collaboration that will will advance Azerbaijan’s renewable energy goals and support its continued sustainable economic development.”
In June last year, Masdar signed an implementation agreement with Azerbaijan’s Ministry of Energy to develop a renewable energy program on a bilateral basis with a total capacity of 10 GW using multiple technologies, one of the largest such signings in Azerbaijan’s history . The joint development agreement sets out the principles of cooperation and partnership between the two parties in the first phase of the development project, with a total capacity of 4 GW.
SOCAR is an integrated national oil and gas company supporting the energy security of the Republic of Azerbaijan. Azerbaijan is working towards a national target of generating 30 percent of its domestic electricity needs from renewable sources by 2030 as the Central Asian nation seeks to diversify its economy and reduce greenhouse gas emissions.
Masdar is also developing the 230 MW Garadagh solar photovoltaic power plant in Azerbaijan. The plant will help generate 5 billion kilowatt-hours of electricity annually, enough to power more than 110,000 households, and will reduce emissions by more than 200,000 tons per year, while also creating valuable jobs.
Masdar recently announced a new shareholding structure and an increased focus on green hydrogen, making it one of the largest clean energy companies of its kind. Targeting 100 GW of renewable energy capacity and 1 million tons of green hydrogen per year by 2030, the new Masdar is a clean energy power station that will spearhead the UAE’s 2050 Net Zero Emissions Strategic Plan and drive Global energy transition.