Skip to content Skip to Search
Skip navigation

UAE’s Masdar to develop 4GW renewable projects in Azerbaijan

By Pramod Kumar
WAM
The company executives sign joint development agreements for development of renewabale projects

UAE’s renewable energy firm Masdar has signed joint development agreements with the State Oil Company of the Republic of Azerbaijan (Socar) for onshore wind and solar projects, and integrated offshore wind and green hydrogen projects, state-owned WAM news agency reported.

The projects will have a total combined capacity of 4 gigawatts (GW).

Sultan bin Ahmed Al Jaber, minister of industry and advanced technology and chairman of Masdar, said: “These agreements will strengthen the already powerful relationship between the UAE and Azerbaijan and our shared commitment to diversifying our energy mix and developing low- and zero-carbon solutions.”

In June last year, Masdar signed agreements with Azerbaijan’s energy ministry to develop a renewable energy program on a bilateral basis, with a total capacity of 10GW across multiple technologies.

Socar is an integrated national oil and gas company supporting Azerbaijan’s energy security by pursuing a national target of producing 30 percent of its domestic power needs from renewable energy sources by 2030.

Meanwhile, Masdar is developing the 230-megawatt Garadagh Solar PV Plant in Azerbaijan. The plant will help generate half a billion kilowatt-hours of electricity annually, enough to meet the needs of more than 110,000 homes and reduce emissions by more than 200,000 tonnes a year, WAM said.

In November, the company signed an agreement with its Egyptian partners to develop a 10GW onshore wind farm project in Egypt.

Latest articles

Sainsbury's has the second-largest share of the UK grocery market, at 15 percent, behind Tesco at 28 percent

Qatar to reduce stake in UK supermarket Sainsbury’s

Qatar’s sovereign wealth fund is selling part of its 15 percent stake in the British supermarket Sainsbury’s as the fund pushes ahead with expansion in the United States and Asia, particularly China and India. Qatar Investment Authority (QIA), the biggest shareholder in Sainsbury’s, is selling £306 million ($399 million) worth of shares in the retailer, […]

Shoppers in Kuwait's Avenues Mall – the IMF says the country needs to encourage private sector employment

Kuwait needs to push reforms for economic growth, says IMF

Kuwait must accelerate the introduction of fiscal and structural reforms that are needed to increase private sector-led growth and diversify its economy away from hydrocarbons, the International Monetary Fund said on Friday. Kuwait’s economy will contract by 3.2 percent this year because of an Opec+ oil production cut, but will grow by 2.8 percent in 2025 […]

Thani Al Zeyoudi, Minister of State for Foreign Trade of the United Arab Emirates, (UAE) speaks during the Skybridge Capital SALT New York 2021 conference in New York City, U.S., September 15, 2021. REUTERS/Brendan McDermid Dr Thani bin Ahmed Al Zeyoudi, the UAE’s minister of state for foreign trade, said 'Malaysia offers substantial opportunity for our exporters, industrialists and business leaders' UAE Malaysia Cepa

UAE and Malaysia sign Cepa to increase bilateral trade

The UAE and Malaysia have signed a free trade deal, bringing the number of deals the Gulf state has agreed with foreign governments to 12. The comprehensive economic partnership agreement (Cepa) will seek to eliminate or reduce tariffs, lower trade barriers, increase private sector collaboration and create new investment opportunities, the two countries said in a […]

Modern buildings in the city center of Riyadh, Saudi Arabia

Riyadh leads Saudi Arabia’s hot property market

Strong population and employment growth in Riyadh is driving a surge in real estate transactions as new properties cannot come on the market fast enough. A dramatic rise in the number of deals in the 12 months to the end of June was also visible in Jeddah and Dammam, according to a report this week […]