UAE-based renewables developer Masdar and the State Oil Company of Azerbaijan Republic (SOCAR) marked a significant milestone with a groundbreaking ceremony for three renewable energy ventures in Azerbaijan, totaling 1 GW.
The ceremony took place during the opening of Baku Energy Week, where Masdar and SOCAR also formalized shareholder agreements for the three projects, comprising two solar photovoltaic (PV) parks and one wind farm.
Under the partnership, Masdar and SOCAR will collaborate on the development of the 445-MW Bilasuvar and 315-MW Neftchala solar projects, alongside the 240-MW Absheron-Garadagh onshore wind farm. Masdar had previously finalized investment and power purchase agreements (PPAs), as well as transmission connection and land lease arrangements.
Expressing Masdar's commitment to Azerbaijan's energy landscape, CEO Mohamed Jameel Al Ramahi remarked, “Azerbaijan is a key strategic market for Masdar. With this groundbreaking of 1 GW wind and solar projects, in partnership with SOCAR, we take a significant step forward in realizing our ambitious plan to develop up to 10 GW of clean energy by 2030 in Azerbaijan.”
As per earlier announcements, Masdar's comprehensive strategy in Azerbaijan entails an initial phase comprising 1 GW of solar PV, 1 GW of onshore wind, and 2 GW of integrated offshore wind and green hydrogen projects, for which the company holds exclusive concession rights.
Last October, Masdar achieved a milestone with the energization of its 230-MW Garadagh solar park in Azerbaijan.
