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Masdar and SOCAR Launch 1GW Solar and Wind Projects in Azerbaijan

Photo : Abu Dhabi Media Office

In a momentous development underscoring the growing collaboration between nations in advancing renewable energy initiatives, Abu Dhabi Future Energy Company PJSC – more commonly known as Masdar – and SOCAR, the State Oil Company of Azerbaijan, have commenced the construction of three significant solar and wind projects in Azerbaijan. These projects, boasting a combined capacity of 1 gigawatt (GW), mark a pivotal milestone in Azerbaijan's journey towards enhancing its renewable energy capabilities.

The groundbreaking ceremony, held during the inauguration of Baku Energy Week, underscores Masdar's enduring commitment to Azerbaijan as a key global partner in sustainable development. The event was graced by the presence of His Excellency Ilham Aliyev, the President of Azerbaijan, and His Excellency Dr. Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology and Chairman of Masdar. Also in attendance were Parviz Shahbazov, Azerbaijan's Minister of Energy, Mikayil Jabbarov, Azerbaijan's Minister of Economy and Chairman of the Supervisory Board of SOCAR, and Mohamed Jameel Al Ramahi, the Chief Executive Officer of Masdar.

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The three groundbreaking ceremonies heralded the commencement of construction for the Bilasuvar Solar PV Project with a capacity of 445MW, the Neftchala Solar PV Project with a capacity of 315MW, and the Absheron-Garadagh Onshore Wind Project with a capacity of 240MW. These projects, which were initiated following investment agreements reached in October 2023, are poised to significantly bolster Azerbaijan's renewable energy infrastructure. Moreover, the signing of power purchase agreements, transmission connection agreements, and land lease agreements further solidifies the commitment towards the successful execution of these ventures.

In addition to the groundbreaking ceremony, Masdar and SOCAR formalized their partnership through the signing of a shareholder agreement for the aforementioned projects. This collaboration underscores the shared commitment of both entities towards advancing sustainable energy solutions and fostering economic growth.

Reflecting on the significance of this partnership, His Excellency Dr. Sultan Al Jaber emphasized the importance of such initiatives in supporting Azerbaijan's transition towards energy diversification and fostering sustainable economic development. Parviz Shahbazov echoed these sentiments, highlighting the monumental impact of these projects on Azerbaijan's green energy agenda and its commitment to reducing carbon emissions.

Mikayil Jabbarov underscored the importance of diversifying energy sources and advancing sustainable development goals in Azerbaijan. He emphasized the transformative potential of this partnership in driving impactful change in the energy sector and positioning Azerbaijan as a leader in renewable energy innovation.

Mohamed Jameel Al Ramahi reiterated Masdar's commitment to Azerbaijan, emphasizing the strategic importance of these projects in realizing the country's clean energy vision. These initiatives, he emphasized, align with Masdar's broader objective of achieving a renewable energy portfolio capacity of 100GW by 2030, thereby supporting global efforts to combat climate change.

The groundbreaking of these projects follows Masdar's successful completion of the Garadagh solar plant in October 2023, Azerbaijan's largest operational solar plant and a testament to the country's commitment to renewable energy development. Established in 2006, Masdar continues to play a pivotal role in advancing sustainable energy solutions globally, aiming to be a leading producer of green hydrogen by 2030.

June 5, 2024 2:30 p.m. 446

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