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 ceremony was witnessed by His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman-designate of COP28 and Chairman of Masdar, and His Excellency Mikayil Jabbarov, Minister of Economy of Azerbaijan.
His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman Designate of COP28 and Chairman of Masdar, said: “As global leaders gather in the UAE for Abu Dhabi Sustainability Week, we are demonstrating the power of partnerships and I look forward to seeing more announcements at ADSW on collaboration to advance an inclusive energy transition.
Mohammed Jameel Al Ramahi, CEO of Masdar, said: “Masdar views Azerbaijan as an important strategic partner and we are proud to support it in its clean energy journey. This signing marks the culmination of an important collaboration A milestone in the development and delivery that 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.