Masdar has signed implementation agreements with the Ministry of Energy of Azerbaijan to develop renewable energy projects in the country with a combined confirmed capacity of 4GW, including offshore wind integrated with green hydrogen.
The deal also includes the right to develop an additional 6GW as a second phase, bringing the total production capacity to 10GW.
Two implementation agreements were signed by Masdar – one covering 1GW each of onshore wind and solar and a second for 2GW of offshore wind and green hydrogen projects.
The implementation agreements were signed by Minister of Energy Parviz Shahbazov and Fawaz Al Muharrami, acting executive director of Masdar Clean Energy at an event in Shusha, held as a special session of Baku Energy Week.
Masdar chairman Sultan Ahmed Al Jaber said: “The 4000MW of renewable energy projects announced today reinforce the close relationship between the United Arab Emirates and Azerbaijan and are a testament to our shared commitment to progressive climate action.
“These clean energy projects also demonstrate the valuable economic opportunities of the energy transition and will contribute to the energy diversification and energy security of Azerbaijan.”
Shahbazov said: “Today we are going to sign mega projects 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.
“These 4000 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.”
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, decarbonisation, hydrogen production and export.
Masdar has also signed a memorandum of understanding with the State Oil Company of Azerbaijan Republic for the joint development of renewable energy sources.