Renewable Energy, 2023 Masdar opens an office in Azerbaijan amid plans to boost its renewable portfolio
Abu Dhabi’s clean energy company Masdar opened an office in Azerbaijan’s capital Baku and pledged to strengthen its support for the central Asian republic’s renewable energy program.
Azerbaijan aims to generate 30 per cent of its total power capacity from clean energy sources by 2030.
“The United Arab Emirates and Azerbaijan both recognize the importance of investing in renewable energy to advance economic diversification, stability, and growth,” Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, Cop28 President-designate and chairman of Masdar said.
“Masdar’s increasing scope of work in Azerbaijan, evidenced by its new Baku office, demonstrates the UAE’s commitment to supporting decarbonization and sustainable development around the world.”
Established by Mubadala in 2006, Masdar has taken a leadership role in the global clean energy sector and has also helped to drive the nation’s economic diversification and climate action agenda.
Masdar is active in more than 40 countries and has invested or committed to invest in projects worth more than $30 billion.
The company has a target to grow its capacity to at least 100 gigawatts of renewable energy capacity by 2030.
Last month, Masdar signed agreements with Azerbaijan’s state oil firm Socar to develop renewable energy projects with a total capacity of 4 gigawatts.
The agreements were signed for onshore wind and solar projects, as well as integrated offshore wind and green hydrogen projects, on the sidelines of the Abu Dhabi Sustainability Week.
The projects are part of a larger agreement with Azerbaijan’s Ministry of Energy to develop a renewable energy program on a bilateral basis, with a total capacity of 10 gigawatts across multiple technologies, one of the largest such deals in Azerbaijan’s history.
Masdar is also developing the 230-megawatt Garadagh solar project in Azerbaijan that will help the country to generate half a billion kilowatt-hours of electricity annually, enough to meet the needs of more than 110,000 homes.
“The opening of our new office in Baku is a testament to Azerbaijan’s increasing focus on renewable energy and Masdar’s growing global portfolio, which we have pledged will reach 100 gigawatts by 2030,” Mohamed Al Ramahi, chief executive of Masdar said.
In December, the Abu Dhabi National Energy Company — better known as Taqa — Mubadala and Adnoc completed a deal to become shareholders in Masdar.
The move is expected to help Masdar grow rapidly under an expanded mandate that covers renewable power, green hydrogen and other clean energy technology around the world.
Masdar aims to add up to 10 gigawatts of capacity this year and is considering acquisitions and new projects in different markets as part of its growth strategy, Fawaz Al Muharrami, executive director of clean energy at Masdar, told The National last month.
It also plans to raise money through the issuance of a green bond this year.
