ABU DHABI, UAE — Renewable energy company Masdar has signed implementation agreements with the Ministry of Energy of the Republic of Azerbaijan to develop clean and renewable energy projects in the country with a combined confirmed capacity of 4,000 MW as an exclusive concession, with the right to develop an additional 6,000 MW as a second phase, according to a recent Masdar press release.
The agreement brings the total production capacity of these projects to 10,000 MW—the largest such signing in Azerbaijan’s history.
Masdar signed two implementation agreements:
- The development of onshore wind projects with a capacity of 1,000 MW, and 1,000 MW of solar photovoltaic (PV) projects; and
- Integrated offshore wind and green hydrogen projects with a capacity of 2,000 MW.
The agreement for onshore wind and solar projects includes measures to study and strengthen the network and implement processes for the export of electricity.
The second agreement includes measures to create wind power for production and export purposes, decarbonization, hydrogen production and export.
The implementation agreements were signed by HE Parviz Shahbazov, minister of energy, with Fawaz Al Muharrami, acting executive director of Masdar Clean Energy, signing on behalf of Masdar, at an event in Shusha, held as a special session of Baku Energy Week.
“Today we are going to sign megaprojects with Masdar in accordance with the green energy course of the President of Azerbaijan, which defines renewable energy sources as a strategic priority for the country's development," Shahbazov said. "These 4,000-MW solar, wind and green hydrogen projects, being the largest renewable energy production capacity in the region and in our energy history, provide ample opportunities for the development of Azerbaijan as a green growth country, green energy producer and exporter, as well as allow for involving multibillion-dollar green investment.”
At the same event, Masdar also signed a memorandum of understanding with the State Oil Company of Azerbaijan Republic (SOCAR) for the joint development of renewable energy sources.
Last year alone, Masdar increased capacity on its worldwide clean energy portfolio by 40%, and already in 2022 the company has signed agreements to explore and develop renewable energy and green hydrogen projects with a combined capacity of more than 10 GW.