Sunday, June 5, 2022 – 7:10 PM
ABU DHABI, June 5 / WAM / The Abu Dhabi Future Energy Company “Masdar”, one of the world’s leading companies in the field of renewable energy, announced the signing of agreements with the Ministry of Energy of the Republic of Azerbaijan to develop clean and renewable energy projects with a total confirmed production capacity of 4,000 megawatts in a concession right. Exclusive, with the right to develop an additional 6,000 MW as a second phase, bringing the total production capacity of these projects to 10,000 MW, which is the largest in Azerbaijan’s history.
The agreements include the implementation of onshore wind energy projects with a capacity of 1,000 MW, and others in the field of solar photovoltaic energy with a capacity of 1,000 MW, in addition to an agreement to develop integrated projects for offshore wind energy and green hydrogen with a capacity of 2,000 MW.
The agreements were signed by His Excellency Parviz Shahbazov, Minister of Energy of Azerbaijan, and Fawaz Al Muharrami, Acting Executive Director of the Clean Energy Department at “Masdar”, during a special session held in “Shusha” within the framework of Baku Energy Week.
His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of the Board of Directors of Masdar, said: “In line with the directives of the wise leadership to continue building close partnerships to promote sustainable development, the renewable energy projects announced today, with a capacity of 4,000 megawatts, contribute to consolidating the close relationship between the country. The implementation of these projects contributes to providing valuable economic opportunities, as well as enhancing energy security and diversifying its sources in Azerbaijan. The agreements signed today confirm the UAE’s leading position in the field of renewable energy and the important role of “Masdar” as a leading global company in the sector is progressing with confidence towards implementing its strategy to build a portfolio of global projects with a total capacity of at least 100 GW.
For his part, His Excellency Parviz Shahbazov, Minister of Energy of Azerbaijan, said: “Today we are signing agreements with Masdar to implement mega projects, in line with the approach of His Excellency the President of Azerbaijan to adopt green energy, and identify renewable energy sources as a strategic priority for the country’s development. Solar energy projects would And this green wind and hydrogen, which has a total production capacity of 4000 MW and is the largest in the region and in the history of our energy projects, will provide great opportunities for green development in Azerbaijan and be a green energy producer and exporter, as well as the flow of green investments worth billions of dollars.
The agreement for the implementation of solar and onshore wind energy projects includes studying the procedures for strengthening the grid and exporting electricity, while the second agreement includes procedures for generating wind energy for the purposes of production, export, decarbonization, and hydrogen production and export.
On the other hand, “Masdar” also signed a memorandum of understanding with the Azerbaijan National Oil Company (SOCAR) with the aim of developing a joint renewable energy project.
Last March, Mohamed Jamil Al Ramahi, CEO of Masdar, attended the foundation stone laying ceremony for the Karadagh solar photovoltaic power plant, which is being developed by Masdar in Azerbaijan, with a production capacity of 230 megawatts. The commercial operation of the terminal is expected to start in 2023.
The plant will contribute to generating half a billion kilowatt-hours of electricity annually, which is enough to meet the needs of more than 110,000 homes, reduce the emission of more than 200,000 tons of carbon annually, as well as provide new job opportunities for the local community.
Masdar is one of the world’s fastest growing renewable energy companies with projected total capacity of more than 50 GW by 2030, and more than 100 GW in the following years. Last December, it was announced a strategic agreement between “ADNOC”, “TAQA” and “Mubadala” for each of them to own a stake in “Masdar” with the aim of developing a global investment portfolio in renewable energy and green hydrogen. During the past year alone, Masdar managed to increase the production capacity of its global portfolio of projects in the clean energy sector by 40%, and this year it signed agreements to explore and develop renewable energy and green hydrogen projects with a production capacity of more than 10 gigawatts.
WAM/ /Islam Al-Hussein