Abu Dhabi Future Energy Company PJSC – Masdar, one of the world’s fastest-growing renewable energy companies, and the State Oil Company of Azerbaijan (SOCAR) have initiated three major solar and wind projects in Azerbaijan with a combined capacity of 1 gigawatt (GW), to mark the start of Baku Energy Week.
The ceremonial announcement was attended by prominent leaders, including Ilham Aliyev, President of Azerbaijan, and Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President. Also present were Parviz Shahbazov, Azerbaijan Minister of Energy; Mikayil Jabbarov, Azerbaijan Minister of Economy and Chairman of the Supervisory Board of SOCAR; and Masdar CEO Mohamed Jameel Al Ramahi.
The three projects being developed are the 445MW Bilasuvar Solar PV Project, the 315MW Neftchala Solar PV Project, and the 240MW Absheron-Garadagh Onshore Wind Project. Following investment agreements reached in October 2023, the signing of Power Purchase Agreements, Transmission Connection Agreements, and Land Lease Agreements paved the way for these developments.
During Baku Energy Week, Masdar and SOCAR also signed a Shareholder Agreement for the three projects, further solidifying their partnership. Dr. Sultan Al Jaber highlighted the importance of this collaboration, emphasizing the goal of tripling renewable energy capacity by 2030 as part of the UAE Consensus and the need for many such partnerships to achieve a just and equitable energy transition.
Parviz Shahbazov acknowledged the historic success achieved through the synergy between Azerbaijan and the UAE. He noted that the 1GW capacity projects mark a significant milestone in Azerbaijan’s green energy sector. They are expected to generate 2.3 billion kWh annually, save over 500 million cubic meters of natural gas, and prevent more than 1 million tons of carbon emissions, thus contributing to sustainable development.
Mikayil Jabbarov underscored the importance of these projects in diversifying Azerbaijan’s energy sources and advancing sustainable development goals. He highlighted the forward-thinking and collaborative spirit of the partnership with Masdar, setting a new standard for green energy projects.
Mohamed Jameel Al Ramahi emphasized Azerbaijan as a key strategic market. With the groundbreaking of these 1GW wind and solar projects, Masdar aims to develop up to 10GW of clean energy by 2030 in Azerbaijan. This follows the inauguration of the 230MW Garadagh solar plant, the most significant operational plant in the region when inaugurated, further supporting the country’s clean energy vision ahead of COP29 and beyond.
Established in 2006, Masdar aims for a renewable energy portfolio capacity of 100GW by 2030. This aligns with the UAE’s target to triple global renewable energy capacity by the decade’s end. Additionally, Masdar is striving to become a leading producer of green hydrogen by the same year.
