Masdar inks deal for 1GW renewable projects in Azerbaijan

UAE renewable energy company Masdar has signed agreements for solar and onshore wind projects with a total capacity of 1GW in Azerbaijan, following the inauguration of the region’s largest operational solar plant, the 230MW Garadagh Solar Park.

The strategic agreements cover the progression of the first phase of a 10GW pipeline of renewable energy projects in Azerbaijan signed in June 2022.

This news follows the inauguration of Garadagh, Azerbaijan’s first foreign investment-based independent solar power project, which is reported to be the largest solar plant in the region.

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The 1GW clean energy agreements were signed by Masdar Chief Executive Officer, Mohamed Jameel Al Ramahi, Azerbaijan Minister of Energy, HE Parviz Shahbazov and Azerbaijan Minister of the Economy, HE Mikayil Jabbarov.

HE Dr Sultan Al Jaber, COP28 President-Designate and Chairman of Masdar, said: “Garadagh is a testament to our shared commitment to diversifying the global energy mix. Azerbaijan’s ambition to develop low and zero-carbon solutions through renewable energy, is exactly what the world needs at this time."

HE Parviz Shahbazov, Azerbaijan Minister of Energy, commented: "Today is marked by the achievements of the state policy of the President of Azerbaijan, which prioritizes the development of renewable energy. The commissioning of the largest solar power plant based on the first foreign investment in our energy history, as well as the signing of investment agreements for the implementation of solar and wind energy projects with a capacity of 1000 MW, show that our country's green energy and green investment plans are successfully becoming a reality."

Mohamed Jameel Al Ramahi, CEO of Masdar said: “Azerbaijan is a key strategic partner for Masdar and the signing of these additional agreements today pave the way to accelerate the scale of Azerbaijan’s clean energy vision. Garadagh is the first in a number of potential projects to develop onshore wind, offshore wind, solar and green hydrogen with a total combined capacity of 10GW. This will lead to greater investment and international collaboration as we work together to help Azerbaijan achieve its ambitious climate goals.”

The Garadagh plant which represents Masdar’s first project in the country, will generate half a billion kilowatt-hours of electricity each year, enough to power more than 110,000 homes, reducing carbon emissions by over 200,000 tonnes a year. The project is co-financed by Abu Dhabi Fund for Development, the Asian Development Bank, the European Bank for Reconstruction and Development and Japan International Cooperation Agency.