Masdar has signed agreements for solar and wind projects with a total capacity of 1GW in Azerbaijan, following the inauguration of the 230MW Garadagh solar park.
Three investment deals for two solar arrays and one wind scheme have been signed with the Azerbaijani government.
The strategic agreements cover the progression of the first phase of a 10GW pipeline of renewable energy developments in the country signed in June 2022.
This follows the successful development of Garadagh, Azerbaijan’s first foreign investment-based independent solar power project, and the largest solar plant in the region.
The inauguration of the site was overseen by Ilham Aliyev, President of the Republic of Azerbaijan and Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate, and chairman of Masdar.
The 1GW clean energy agreements were signed by Masdar chief executive Mohamed Jameel Al Ramahi, Azerbaijan Minister of Energy Parviz Shahbazov and Azerbaijan Minister of the Economy Mikayil Jabbarov.
Al Jaber said: “Garadagh is a testament to our shared commitment to diversifying the global energy mix. Azerbaijan’s ambition to develop low and zero-carbon solutions through renewable energy, is exactly what the world needs at this time.
“The UAE is proud to support Azerbaijan’s clean energy goals, to generate more than 30 percent of its overall energy capacity from renewables by 2030.
“We need all nations of the world to set out clear energy transition plans with clear targets for renewable energy capacity.
“As the UAE prepares to host COP28 in November, our North Star for climate action must be to keep the ambition of limiting global temperatures to 1.5°C within reach.”