- Masdar will develop 1 GW onshore wind, 1 GW solar PV and 2 GW of offshore wind and green hydrogen capacity in Azerbaijan
- Under implementation agreements signed with the country’s Energy Ministry, it can also work on another 6 GW capacity under phase II
- Masdar has also signed a MoU with SOCAR in Azerbaijan to jointly develop renewable energy projects
Abu Dhabi’s Masdar has secured an ‘exclusive concession’ from the Ministry of Energy in Azerbaijan to develop 4 GW renewable energy and green hydrogen capacity, which can be expanded with an additional 6 GW under phase II.
In what Masdar terms as the ‘largest’ such signing in the country’s history, the company has entered into an implementation agreement to develop 1 GW onshore wind and another 1 GW solar PV projects. The other agreement relates to integrated offshore wind and green hydrogen projects with a combined capacity of 2 GW.
Energy Minister Parviz Shahbazov explained, “These 4,000 MW solar, wind and green hydrogen projects, being the largest renewable energy production capacity in the region and in our energy history, provide ample opportunities for the development of Azerbaijan as a green growth country, green energy producer and exporter, as well as allow for involving multibillion-dollar green investment.”
Under the agreements, the team will study and strengthen the network and implement processes for the export of onshore wind and solar electricity, while also working on measures to produce and export wind energy as well as green hydrogen.
Masdar is already constructing the 230 MW Garadagh Solar PV Plant in Azerbaijan with commercial operations due in 2023. It is backed by $51 million financing from the European Bank for Reconstruction and Development (EBRD) (see EBRD Finance For 230 MW Solar In Azerbaijan).
The company has also got into a memorandum of understanding (MoU) with the State Oil Company of Azerbaijan Republic (SOCAR) to jointly develop renewable energy sources.
In pursuit of its 100 GW renewable energy capacity goal, 50 GW of which needs to come up by 2030, Masdar has been entering collaborations in various new markets and expanding into old ones. Recently it announced joined hands with Hassan Allam Utilities in Egypt to produce up to 480,000 tons of green hydrogen annually using solar and wind energy (see Masdar Eying Green Hydrogen Potential In Egypt).