Masdar signs 1 GW clean energy agreement in Azerbaijan

The strategic agreements cover the progression of the first phase of a 10 GW pipeline of renewable energy projects in Azerbaijan signed in June 2022. This follows the successful development of Garadagh, Azerbaijan’s first foreign investment-based independent solar power project, and the largest solar plant in the region.

The inauguration of Garadagh was overseen by HE Ilham Aliyev, President of the Republic of Azerbaijan and HE Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate, and Chairman of Masdar.

“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,” said HE Dr Sultan Al Jaber, COP28 President-Designate and Chairman of Masdar. “The UAE is proud to support Azerbaijan’s clean energy goals, to generate more than 30% of its overall energy capacity from renewables by 2030. We need all nations of the world to set out clear energy transition plans with clear targets for renewable energy capacity. 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 1.5°C within reach.”.

"Today is marked by the achievements of the state policy of the President of Azerbaijan, which prioritises 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,” commented Parviz Shahbazov, Azerbaijan Minister of Energy. “Azerbaijan is pleased to realise its strategic goals as a green energy producing and exporting country with Masdar and these projects will play an important role in increasing the share of renewable energy sources in electricity generation capacity to 30% by 2030.”

The Garadagh plant which represents Masdar’s first project in the country, will generate half a billion KWh of electricity each year, enough to power more than 110 000 homes, reducing carbon emissions by over 200 000 tpy. 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.

“Azerbaijan is a key 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,” commented Mohamed Jameel Al Ramahi, CEO of Masdar.

 

 

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