Masdar partners with SOCAR to develop 4 GW renewable energy projects
Published by Abi Larkin,
Masdar has signed joint development agreements with the State Oil Company of the Republic of Azerbaijan (SOCAR) for onshore wind and solar projects, and integrated offshore wind and green hydrogen projects, with a total combined capacity of 4 GW.
The agreements were signed by Mohamed Jameel Al Ramahi, Chief Executive Officer (CEO) of Masdar, and Rovshan Najaf, President of SOCAR, on the sidelines of Abu Dhabi Sustainability Week, the global platform for accelerating sustainable development hosted by Masdar. HE Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate, and Chairman of Masdar, and HE Mikayil Jabbarov, Minister of Economy for Azerbaijan, witnessed the signing.
HE Dr Sultan Ahmed Al Jaber, UAE Miniter of Industry and Advanced Technology, COP28 President-Designate, and Chairman of Masdar, said: “These agreements will serve to strengthen the already powerful relationship between the United Arab Emirates and the Republic of Azerbaijan, and are a testament to our shared commitment to diversifying our energy mix and developing low- and zero-carbon solutions. As global leaders gather here in the UAE for Abu Dhabi Sustainability Week, we are demonstrating the power of partnership and co-operating in advancing the inclusive energy transition and I look forward to seeing more announcements being made at ADSW.”
Mohammed Jameel Al Ramahi, CEO of Masdar, stated: “Masdar sees Azerbaijan as a key strategic partner, one we are proud to support in its clean energy journey. This signing marks a milestone on the development and delivery of a significant collaboration that will advance Azerbaijan’s renewable energy goals and support its ongoing sustainable economic development.”
In June 2022, Masdar signed implementation agreements with Azerbaijan’s Ministry of Energy to develop a renewable energy programme on a bilateral basis, with a total capacity of 10 GW across multiple technologies, one of the largest such signings in Azerbaijan’s history. The joint development agreements set out the collaboration and partnership principles between the parties for the development of the first phase of the programme, 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 pursuing a national target of producing 30% of its domestic power needs from renewable energy sources by 2030, as the Central Asian nation looks to diversify its economy and reduce greenhouse gas emissions.
Masdar is also developing the 230 MW Garadagh solar photovoltaic plant in Azerbaijan. The plant will help to generate half a billion kWh of electricity annually, enough to meet the needs of more than 110 000 homes and will reduce emissions by more than 200 000 tpy, while also creating valuable jobs.
Masdar recently announced a new shareholding structure and additional focus on green hydrogen. With a goal of achieving 100 GW renewable energy capacity and green hydrogen production of 1 million tpy annually by 2030, the new Masdar is a clean energy powerhouse that will spearhead the UAE’s ‘Net Zero by 2050’ strategic initiative and drive the global energy transition.
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Read the article online at: https://www.energyglobal.com/wind/18012023/masdar-partners-with-socar-to-develop-4-gw-renewable-energy-projects/
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