President of Azerbaijan and Masdar sign 1GW wind and solar projects

Masdar, the UAE’s clean energy powerhouse and SOCAR, the State Oil Company of Azerbaijan signed three significant renewable energy projects with a combined capacity of 1 gigawatt (GW).

These projects are set to accelerate Azerbaijan’s transition towards renewable energy.

The projects – the 445MW Bilasuvar Solar PV Project, the 315MW Neftchala Solar PV Project, and the 240MW Absheron-Garadagh Onshore Wind Project – form part of Masdar’s ambitious 10GW pipeline, aligning with Azerbaijan's goal to generate 30% of its energy capacity from renewable sources by 2030.

Key dignitaries present included Parviz Shahbazov, Minister of Energy in Azerbaijan, Mikayil Jabbarov, Minister of Economy in Azerbaijan and Chairman of SOCAR’s Supervisory Board, and Mohamed Jameel Al Ramahi, CEO of Masdar and Dr. Sultan Al Jaber, President of COP28. The agreements for these projects were finalized in October 2023, encompassing Power Purchase Agreements, Transmission Connection Agreements, and Land Lease Agreements.

Dr. Al Jaber expressed pride in partnering with Azerbaijan by saying, “This expansion of renewable energy capacity supports Azerbaijan’s energy diversification, stimulates new industries, creates jobs, and fosters sustainable economic growth. It is essential to establish more partnerships like this to ensure a just, orderly, and equitable energy transition, maintaining the goal of limiting global warming to 1.5 degrees Celsius.”

Shahbazov, highlighted the symbolic and practical significance of the projects, stating, “These renewable energy stations represent a historic achievement, reflecting the strength of our strategic partnership. The projects will annually generate 2.3 billion kWh of electricity, save over 500 million cubic meters of natural gas, and prevent more than 1 million tons of carbon emissions, contributing significantly to sustainable development.”

Jabbarov echoed the minister’s sentiment and emphasised the projects' role in diversifying Azerbaijan’s energy sources and advancing sustainable development goals. “Our partnership with Masdar exemplifies the forward-thinking and collaborative spirit necessary to drive impactful change in the energy sector,” he said.

Al Ramahi reaffirmed Azerbaijan's strategic importance to Masdar, noting, “This groundbreaking represents a significant step in our plan to develop up to 10GW of clean energy by 2030 in Azerbaijan. Following the inauguration of the 230MW Garadagh solar plant, the largest in the region, we continue to support Azerbaijan’s clean energy vision.”

The new projects follow the successful completion of the 230MW Garadagh solar plant in October 2023, Azerbaijan’s first independent solar power project funded by foreign investment. This plant is currently the largest operational solar plant in the region.
Founded in 2006, Masdar, the UAE’s clean energy leader, aims to achieve a renewable energy portfolio capacity of 100GW by 2030, supporting the global target to triple renewables capacity within this decade, and positioning itself as a leading green hydrogen producer.