Masdar says 10GW Azerbaijan renewables pipeline has taken "first step" forward
UAE renewables powerhouse has targeted the renewables potential of several Central Asian nations
United Arab Emirates' renewables powerhouse Masdar has signed agreements for a combined 1GW of solar and onshore wind projects in Azerbaijan, in the latest step toward building up a leading position in several Central Asian locations.
The strategic agreements signed today (Thursday) followed the inauguration of the 230MW Garadagh Solar Park, which was attended by Azerbaijan's president Ilham Aliyev and Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology as well as chairman of Masdar.
The agreements were described as a "first progression" of a 10GW pipeline of renewable energy projects in Azerbaijan, first outlined in June 2022.
Sultan Al Jaber, who is also president-designate of next month's COP28 climate summit, praised Azerbaijan’s clean goal of generating more than 30% of its overall energy capacity from renewables by 2030.
“Azerbaijan’s ambition to develop low and zero-carbon solutions through renewable energy, is exactly what the world needs at this time," he stated.
"As the UAE prepares to host COP28 in November, our North Star for climate action must be to keep the ambition of limiting global temperatures to 1.5C within reach.”
Parviz Shahbazov, Azerbaijan's Minister of Energy, commented: "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 1000MW, show that our country's green energy and green investment plans are successfully becoming a reality."
Masdar is jointly owned by Abu Dhabi National Oil Company (Adnoc), Mubadala Investment Company , and Abu Dhabi National Energy Company (TAQA).
The company is targeting a renewable energy portfolio capacity of at least 100GW by 2030 and an annual green hydrogen production capacity of up to 1 million tonnes by the same year.
Investments taking shape so far include a 500MW wind project in Uzbekistan and early-stage 1GW renewables project pipelines in Kazakhstan and Kyrgyzstan.
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