Masdar has signed joint development agreements with the State Oil Company of the Republic of Azerbaijan (SOCAR) for 4GW of renewable energy projects in the country.
In June last year, Masdar signed implementation agreements with Azerbaijan’s Ministry of Energy to develop a renewable energy programme on a bilateral basis, with a total capacity of 10GW across multiple technologies.
The deals set out the collaboration and partnership principles between the parties for the development of the first phase of the programme, with a total capacity of 4GW.
The projects comprise solar and onshore wind, as well as offshore wind integrated with green hydrogen.
The agreements were signed by Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Rovshan Najaf, President of SOCAR, on the side lines of Abu Dhabi Sustainability Week.
Azerbaijan is pursuing a national target of producing 30% of its domestic power needs from renewable energy sources by 2030, as the Central Asian nation looks to diversify its economy and reduce greenhouse gas emissions.
Masdar is also developing the 230MW Garadagh Solar PV Plant in Azerbaijan.
Masdar recently announced a new shareholding structure and additional focus on green hydrogen, with a goal of achieving 100GW of renewable energy capacity and green hydrogen production capacity of one million tonnes a year, by 2030.