Masdar partners with Azerbaijan’s SOCAR to develop renewable energy projects

 

With the State Oil Company of the Republic of Azerbaijan (SOCAR), one of the largest clean energy companies in the world, Masdar has signed joint development agreements for onshore wind and solar projects as well as integrated offshore wind and green hydrogen projects with a combined capacity of 4 gigawatts (GW).

On the margins of Abu Dhabi Sustainability Week, the international platform for advancing sustainable development that Masdar is hosting, the agreements were signed by Rovshan Najaf, President of SOCAR, and Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar. The signing was observed by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, President-Elect of COP28, and Chairman of Masdar, as well as Mikayil Jabbarov, Minister of Economy for Azerbaijan.

Dr. Al Jaber said, “These agreements will serve to strengthen the already powerful relationship between the United Arab Emirates and the Republic of Azerbaijan, and are a testament to our shared commitment to diversifying our energy mix and developing low- and zero-carbon solutions. As global leaders gather here in the UAE for Abu Dhabi Sustainability Week, we are demonstrating the power of partnership and cooperation in advancing the inclusive energy transition and I look forward to seeing more announcements being made at ADSW.”

Al Ramahi said, “Masdar sees Azerbaijan as a key strategic partner, one we are proud to support in its clean energy journey. This signing marks a milestone on the development and delivery of a significant collaboration that will advance Azerbaijan’s renewable energy goals and support its ongoing sustainable economic development.”

One of the greatest such agreements in Azerbaijan’s history was signed by Masdar and the Energy Ministry of Azerbaijan in June of last year to build a bilateral renewable energy programme with a total capacity of 10 GW across several technologies. The first phase of the programme, with a total capacity of 4 GW, will be developed in accordance with the principles of collaboration and partnership outlined in the joint development agreements between the parties.

SOCAR is a fully integrated national oil and gas firm that supports the Republic of Azerbaijan’s energy security. In order to diversify its economy and cut greenhouse gas emissions, Azerbaijan is working toward a national goal of generating 30% of its domestic energy needs from renewable sources by 2030.

Masdar is also developing the 230-megawatt Garadagh Solar PV Plant in Azerbaijan. The plant will help to generate half a billion kilowatt-hours of electricity annually, enough to meet the needs of more than 110,000 homes and will reduce emissions by more than 200,000 tonnes a year, while also creating valuable jobs.

Masdar recently announced a new shareholding structure and additional focus on green hydrogen, making it one of the largest clean energy companies of its kind. With a goal of achieving 100 GW renewable energy capacity and green hydrogen production of 1 million tonnes per annum annually by 2030, the new Masdar is a clean energy powerhouse that will spearhead the UAE’s Net Zero by 2050 Strategic Initiative and drive the global energy transition.