Baku, June 4, AZERTAC

On the sidelines of the special session of Baku Energy Week held in Shusha, the Ministry of Energy and UAE`s Masdar signed an Implementation Agreement on evaluation, development and implementation of 1 GW utility scale onshore solar and wind energy projects in the Republic of Azerbaijan and an Implementation Agreement on evaluation, development and implementation of offshore 2 GW integrated wind and green hydrogen, Azerbaijan’s Energy Ministry told AZERTAC.

Within the Implementation Agreement on onshore wind-solar energy projects with total installed capacity of 2 GW, it is planned to study the network capabilities for transmission of a certain part of the energy to the country's energy system in detail, take necessary measures to strengthen the network, as well as implement the relevant processes for the export of electricity.

The Implementation Agreement on onshore wind and hydrogen energy projects with a capacity of 2 GW included complex measures to create wind power for production and export purposes, decarbonization, hydrogen production and export.

Energy Minister Parviz Shahbazov said: “Today we are going to sign mega projects with Masdar in accordance with the green energy course of the President of Azerbaijan, which defines renewable energy sources as a strategic priority for the country's development. These 4,000 MW solar, wind and green hydrogen projects, being the largest renewable energy production capacity in the region and in our energy history, provide ample opportunities for the development of Azerbaijan as a green growth country, green energy producer and exporter, as well as allow for involving multibillion-dollar green investment. Some of these projects are planned to be implemented in the liberated areas, which will contribute to the development of the region in the green energy zone concept with zero emissions. The development of offshore wind power capacity and the production of hydrogen also open a new page in the history of the Caspian Sea through Azerbaijan.”

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said, “These agreements strengthen the already powerful relationship Masdar has with Azerbaijan and will make a significant contribution to the nation’s clean energy objectives. Masdar’s knowledge, experience and expertise in developing renewable energy projects will support Azerbaijan’s energy transition and help to drive sustainable development and energy security, while reducing harmful emissions. We look forward to developing many more projects with our partners here in Azerbaijan.”

At the moment, at the expense of more than 220 million USD investment, Azerbaijan is cooperating with Masdar on the construction of the Garadagh SPP with a capacity of 230 MW.

Masdar is one of the fastest-growing renewable energy companies in the world with the expectation of reaching well over 50 GW total capacity by 2030 - and over 100 GW in the following years.