Abu Dhabi’s renewable energy company Masdar will seek to invest in the development of up to 1 GW of renewable energy projects in Kyrgyzstan under the pact with the country’s government.
Masdar, also known as Abu Dhabi Future Energy Company PJSC, will pursue investment in various renewable energy technologies, including ground-mounted and floating solar photovoltaic (PV) and hydropower. It has sealed a Memorandum of Understanding (MoU) with the Kyrgyz Republic’s Ministry of Energy regarding the initiative, it said on Friday.
Masdar’s potential investment is expected to back Kyrgyzstan in achieving its goal for a 44% reduction of its carbon dioxide emissions by 2030 and carbon neutrality by 2050. The Central Asian nation is already sourcing around 90% of its power from clean energy sources, while the bulk is coming from aging hydropower plants.
“Kyrgyzstan has abundant potential to develop a wider range of clean energy resources, including solar and floating solar, which will deliver greater energy security and support better management of water resources,” said Abdulla Zayed, Head of Development and Investment, Asia, at Masdar.
Masdar has renewable energy investments with a gross value of more than USD 20 billion (EUR 18.5bn) across 40 countries, the company’s 2021 annual sustainability report shows. The projects it has invested in, including installed and under-development capacity, exceed 15 GW in capacity. Last month, it launched the construction of a 230-MW solar farm in Azerbaijan.
(USD 1.0 = EUR 0.927)
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