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Masdar breaks ground on 1GW clean energy projects in Azerbaijan

BAKU, June 5, 2024

Abu Dhabi Future Energy Company (Masdar) has joined hands with State Oil Company of Azerbaijan (Socar) to break ground on three major solar and wind projects in the country with a total capacity of 1 gigawatt (GW).
 
The groundbreaking, which took place at the opening ceremony of Baku Energy Week, reinforces Masdar’s long-term commitment to Azerbaijan as a global strategic partner.
 
It follows Masdar’s completion of the 230MW Garadagh solar plant in October 2023, Azerbaijan’s first foreign investment-based independent solar power project, and the largest solar plant in the region.
 
The ceremony was overseen by Ilham Aliyev, President of Azerbaijan, and Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President.
 
Also in attendance were Parviz Shahbazov, Azerbaijan Minister of Energy; Mikayil Jabbarov, Azerbaijan Minister of Economy and Chairman of the Supervisory Board of Socar and Masdar CEO Mohamed Jameel Al Ramahi.
 
The three groundbreakings include the 445MW Bilasuvar Solar PV Project, 315MW Neftchala Solar PV Project and the 240MW Absheron-Garadagh Onshore Wind Project.
 
Investment agreements for the projects were reached in October 2023, followed by the signing of Power Purchase Agreements, Transmission Connection Agreements, and Land Lease Agreements.
 
On the sidelines of Baku Energy Week, Masdar and Socar also signed a shareholder agreement for the three projects.
 
Dr Al Jaber said: "We are proud to partner with Azerbaijan on this significant expansion of its renewable energy capacity and to support Azerbaijan’s journey toward energy diversification, stimulating new industries, new jobs and sustainable economic growth."
 
"A key pillar of the historic UAE Consensus is the goal of tripling renewable energy capacity by 2030. We need many more partnerships like these to ensure a just, orderly and equitable energy transition that keeps 1.5 within reach," he stated.
 
Shahbazov pointed out that laying the foundation of three stations with a 1GW capacity is not only a first in the field of green energy in Azerbaijan, but also a bright indicator of its solidarity and commitment to the energy transition for the sake of the green world as COP host countries. 
 
"Annual electricity generation of 2.3 billion kWh, saving over 500 million cu m of natural gas, as well as preventing more than 1 million tonnes of carbon emissions are the future contributions of these plants to sustainable development. We are pleased to realise our green agenda together with Masdar," he added.
 
On the new projects, Jabbarov said it represents a significant milestone in Azerbaijan's energy journey. 
 
"These initiatives underscore our commitment to diversify our energy sources and advance our sustainable development goals. Our partnership with Masdar exemplifies the forward-thinking and collaborative spirit necessary to drive impactful change in the energy sector," stated Shahbazov. 
 
"Together, we are setting a new standard for green energy projects that will benefit our economy, environment, and society for generations to come," he added.
 
Al Ramahi, dubbing Azerbaijan as a key strategic market for Masdar, said: "With this groundbreaking of 1GW wind and solar projects, in partnership with Socar, we take a significant step forward in realising our ambitious plan to develop up to 10GW of clean energy by 2030 in Azerbaijan."
 
"Following the inauguration of the 230MW Garadagh solar plant last year, the largest operational plant in the region when inaugurated, and other key utility-scale projects in development, we are supporting and accelerating the country’s clean energy vision ahead of COP29, and beyond," he added.-TradeArabia News Service



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