Masdar has inked two agreements with Azerbaijan to develop 4 GW of clean and renewable energy projects. The company’s agreements with the Ministry of Energy of Azerbaijan offer the possibility of developing an additional 6 GW in a second phase, raising the total production capacity of the projects to 10 GW. Under the first implementation agreement, Masdar will install 1 GW of onshore wind and 1 GW of solar PV capacity in Azerbaijan.
The second deal covers the development of 2 GW of integrated offshore wind and green hydrogen projects. As per the company’s statement, the initial agreement involves measures to “study and strengthen” the network as well as processes for electricity export. The company must also develop wind power for production and export, as well as decarbonise, produce, and export hydrogen under the second agreement.
At the same time, Masdar and the Azerbaijan Republic’s State Oil Company (SOCAR) signed an agreement to collaborate on renewable energy development. Masdar intends to increase its renewable energy capacity to more than 50 GW by 2030.
REGlobal’s Views: Masdar is already implementing the 230 MW Garadagh Solar PV Plant in Azerbaijan which is the country’s first foreign investment-based independent solar power project. These upcoming projects will further enhance Masdar’s position in the emerging attractive market of Azerbaijan.
