UAE-based Masdar will pursue the development of 4 GW of wind, solar and green hydrogen projects in Azerbaijan under a wider plan envisaging 10 GW of renewable energy capacity in the former Soviet republic.
The initiative will start with 4 GW of projects, to be realised through implementation agreements with the country's Ministry of Energy, Masdar said on Sunday. Specifically, the renewable energy company has been granted the exclusive concession for 1 GW of solar photovoltaic (PV) and 1 GW of onshore wind projects, as well as integrated offshore wind and green hydrogen schemes of 2 GW in total.
In addition to capacity deployment, the proposals also include steps to enhance the power grid and enable power exports. The production and export of green hydrogen are also within the project’s scope.
The agreements give Masdar the right to develop an additional 6 GW of projects as a second phase of the ambitious initiative. Its local partner will be the State Oil Company of Azerbaijan Republic (SOCAR).
The signing of the agreements aligns with Azerbaijan’s strategy to put renewable energy among its top priorities for the country’s development, noted Minister of Energy Parviz Shahbazov. According to him, the proposed schemes “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.”
Masdar aims to have more than 50 GW of renewable energy capacity globally by 2030. The UAE company is currently building a 230-MW solar park in Azerbaijan, which is due to go live next year.
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