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Masdar signed investment agreements on green energy projects with a capacity of 1000 MW

Within the inaguration of the Garadagh Solar Power Plant, with the participation of President of the Republic of Azerbaijan Ilham Aliyev, the Government of Azerbaijan and the UAE-based company Masdar signed three investment agreements on green energy projects with a total capacity of 1000 MW. Azerbaijan`s Minister of Energy Parviz Shahbazov, Azerbaijan`s Minister of Economy, Chairman of the Supervisory Board of SOCAR Mikayil Jabbarov and Chief Executive Officer of Masdar company of the United Arab Emirates Mohamed Jameel Al Ramahi signed the contracts. Investment Agreements envisage the implementation of 445 MW solar power plant in Bilasuvar region, 315 MW SPP in Banka settlement of Neftchala region and 240 MW WPP in Absheron-Garadagh region.

These agreements constitute the initial phase of the Executive Agreements entered into with Masdar in June 2022, focusing on the assessment, development, and execution of 4 GW Mega projects in renewable energy sources.

Energy Minister Parviz Shahbazov said: "Today is marked by the achievements of the state policy of the President of Azerbaijan, which prioritizes the development of renewable energy. The commissioning of the largest solar power plant based on the first foreign investment in our energy history, as well as the signing of investment agreements for the implementation of solar and wind energy projects with a capacity of 1000 MW, show that our country's green energy and green investment plans are successfully becoming a reality. Azerbaijan is pleased to realize its strategic goals as a green energy producing and exporting country with Masdar and these projects will play an important role in increasing the share of renewable energy sources in electricity generation capacity by 2030 to 33%.”

"Azerbaijan is a key strategic partner for Masdar and the signing of these agreements today pave the way to accelerate the scale of Azerbaijan’s clean energy vision. Garadagh SPP is the first in a number of potential projects to develop onshore wind, offshore wind, solar and green hydrogen with a total combined capacity of 10GW. The commissioning of this plant will lead to greater investment and international collaboration as we work together to help Azerbaijan achieve its ambitious climate goals,” said Mohamed Jameel Al Ramahi, CEO of Masdar.

It should be noted that Masdar, founded in 2006, has implemented projects in more than 40 countries with a total investment capacity of more than 20 GW.