Abu Dhabi clean energy company Masdar on Thursday announced the inauguration of the 230-megawatt Garadagh Solar Park in Azerbaijan, the region’s “largest” operational solar plant, which is due to open soon.
Masdar also signed agreements for solar and onshore wind projects with a total capacity of 1 gigawatt in the Central Asian country, the company said in a statement.
The latest agreement covers the development of the first phase of a 10-gigawatt pipeline of renewable energy projects in the country.
“Garadagh is a testament to our shared commitment to diversifying the global energy mix,” said Dr Sultan Al Jaber, Minster of Industry and Advanced Technology, Cop28 President-designate and chairman of Masdar.
“Azerbaijan’s ambition to develop low and zero-carbon solutions through renewable energy is exactly what the world needs at this time.
“We need all nations of the world to set out clear energy transition plans with clear targets for renewable energy capacity.”
The Garadagh solar project will help Azerbaijan generate half a billion kilowatt hours of electricity annually, enough to meet the needs of more than 110,000 homes.
It is co-financed by Abu Dhabi Fund for Development, the Asian Development Bank, the European Bank for Reconstruction and Development and Japan International Co-operation Agency.
“Azerbaijan is pleased to realise its strategic goals as a green energy-producing and exporting country with Masdar and these projects will play an important role,” said Parviz Shahbazov, the country’s Energy Minister.
Azerbaijan aims to generate 30 per cent of its total power capacity from clean energy sources by 2030.
In February, Masdar opened an office in Azerbaijan’s capital Baku to strengthen its presence in the country.
“Azerbaijan is a key strategic partner for Masdar and the signing of these additional agreements today pave the way to accelerate the scale of Azerbaijan’s clean-energy vision,” said Mohamed Al Ramahi, chief executive of Masdar.
Garadagh is the “first in a number of potential projects” in the country and will lead to “greater” investment and international collaboration, he said.
Masdar aims to expand its capacity to at least 100 gigawatts of renewable energy by the end of the decade. The company is active in more than 40 countries and has invested in or committed investments to projects worth more than $30 billion. It is also targeting green hydrogen production of one million tonnes per annum by 2030.
Established by Mubadala in 2006, Masdar has taken a leadership role in the global clean energy sector and has also helped to drive the nation’s economic diversification and climate action agenda.