Abu Dhabi clean energy company Masdar has signed an agreement with Azerbaijan's state oil company Socar to develop renewable energy projects with a total capacity of 4 GW. Masdar said in a statement that the agreements were signed during Abu Dhabi Sustainability Week for onshore wind and solar projects as well as integrated offshore wind and green hydrogen projects.

Dr. Sultan Al Jaber said that these agreements will help strengthen the already strong relationship between the UAE and the Republic of Azerbaijan and demonstrate our shared commitment to diversify the energy mix and develop low- and zero-carbon solutions. UAE Minister of Industry and Advanced Technology and Chairman of Masdar. He is also Chairman-designate of Cop28 and Managing Director and Group CEO of Adnoc.

In August 2022, Masdar completed financing for the 230 MW Garadagh solar power plant in Azerbaijan. The plant is expected to generate 5 billion kWh of electricity annually, meeting the needs of more than 110,000 households. Azerbaijan, which relies mostly on natural gas to meet its energy needs, plans to increase its installed capacity from renewable sources to 30 percent by 2030 to diversify its economy and reduce greenhouse gas emissions. The country is developing several clean energy projects.

In January 2022, Saudi Arabia's Acwa Power and Azerbaijan's Energy Ministry started construction on a $300 million, 240 MW wind power plant. Masdar views Azerbaijan as an important strategic partner and we are proud to support it in its clean energy journey, said Masdar CEO Mohamed Al Ramahhi.

The signing marks a milestone in the development and delivery of an important collaboration that will advance Azerbaijan's renewable energy goals and support its continued sustainable economic development. Masdar signed an agreement with the Ministry of Energy of Kyrgyzstan to develop clean energy projects with a capacity of up to 1 GW.

The project pipeline will begin with a 200 MW solar photovoltaic plant, which is expected to be operational by 2026. Abu Dhabi National Energy Company Mubadala Investment Company and Adnoc have completed a deal to become shareholders of Masdar. The move is expected to help Masdar grow rapidly globally under an expanded mandate covering renewable energy, green hydrogen and other clean energy technologies.

The UAE, OPEC's third-largest oil producer, plans to invest $163.3 billion in renewable and clean energy capacity by 2050 and achieve net-zero emissions over the next three decades. Founded by Mubadala in 2006, Masdar has played a global leadership role in clean energy and has also helped advance the country's economic diversification and climate action agenda. Masdar currently operates in 40 countries, with a total investment of approximately US$20 billion. The company has set an ambitious goal of increasing its global renewable energy capacity to at least 100 gigawatts by 2030. The lion's share of this capacity will come from wind and solar technologies. In addition to its original goal, the company seeks to develop more than 200 GW of renewable energy.Editor/XingWentao