HomeMiddle East Market ›Masdar Signs Agreements to Develop 1 GW Wind and Solar Projects in Azerbaijan

Masdar Signs Agreements to Develop 1 GW Wind and Solar Projects in Azerbaijan

The projects will be developed in partnership with the State Oil Company of the Republic of Azerbaijan (SOCAR).

June 04, 2024. By Abha Rustagi

Masdar has announced the signing of several agreements to support the development of wind and solar projects totaling 1 GW in the Republic of Azerbaijan. 

These agreements, signed in collaboration with Azerbaijan's Ministry of Energy and AzərEnerji, encompass Power Purchase Agreements, Transmission Connection Agreements, Investment Agreement Amendments, and Land Lease Agreements.

The projects will be developed in partnership with the State Oil Company of the Republic of Azerbaijan (SOCAR). The signing ceremony was attended by Parviz Shahbazov, Minister of Energy for the Republic of Azerbaijan, and Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology.

In recent developments, Emerge, a joint venture between Masdar and France’s EDF Group, successfully energized two solar photovoltaic (PV) projects on Yas Island at Yas Marina Circuit and Yas Bay Waterfront.

Masdar (Abu Dhabi Future Energy Company), established in 2006 advances the development and deployment of renewable energy and green hydrogen technologies to tackle global sustainability challenges. 

Jointly owned by Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company (Mubadala), and Abu Dhabi National Energy Company (TAQA), Masdar aims to achieve a renewable energy portfolio capacity of at least 100 GW by 2030.
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