Masdar and SOCAR Begin Construction on 1GW Projects in Azerbaijan
United Arab Emirates (UAE)-based clean energy company Masdar and the state oil company of Azerbaijan, SOCAR, have initiated the construction of three solar and wind projects in Azerbaijan with a total capacity of 1GW. The groundbreaking ceremony for these projects occurred at the opening of Baku Energy Week in Azerbaijan.
Investment agreements for the projects were finalized in October 2023, leading to the signing of various agreements related to power purchase, transmission connection, and land lease. Additionally, Masdar and SOCAR signed a shareholder agreement for these projects during Baku Energy Week.
UAE Minister of Industry and Advanced Technology and Masdar chairman Dr Sultan Al Jaber expressed pride in partnering with Azerbaijan to expand its renewable energy capacity. This collaboration aims to support Azerbaijan in diversifying its energy sources, creating new industries, jobs, and sustainable economic growth. This initiative aligns with the UAE’s goal of tripling renewable energy capacity by 2030 as part of the UAE Consensus.
Azerbaijan Minister of Economy and SOCAR supervisory board chairman Mikayil Jabbarov emphasized that the groundbreaking of these solar and wind projects marks a significant milestone in Azerbaijan’s energy journey. This partnership between Masdar and SOCAR demonstrates a forward-thinking approach to driving impactful change in the energy sector and advancing sustainable development goals.
In addition to the projects in Azerbaijan, Masdar has expanded its renewable energy initiatives in other regions. In May 2024, Masdar, alongside other partners, secured a land access agreement with the Egyptian government for a 10GW onshore wind project in West Suhag, Egypt. This wind farm, valued at $10 billion, is set to become one of the largest in the world. Furthermore, Masdar entered into a partnership with Bahrain’s Bapco Energies to explore the feasibility of developing wind projects in Bahrain, potentially adding another 2GW to the region’s renewable energy capacity.
The collaboration between Masdar and SOCAR in Azerbaijan and the expansion of renewable energy projects in other countries underscore the commitment to sustainable energy transitions and environmental preservation in the region.
