UAE flagship RE developer Masdar has opened its new office in Baku, the capital city of Azerbaijan to provide speed and strength to renewable energy development in the Central Asian country.
The inauguration event for the office, located in Port Baku Tower, was attended by many high dignitaries, Masdar officials and other industry guests. Masdar said that it will work closely with the government and other stakeholders in Azerbaijan to accelerate the growth of its renewable energy sector, as the country movers towards a low-carbon future.
Dr Sultan Ahmed Al Jaber, Chairman, Masdar, said, “The UAE and Azerbaijan both recognize the importance of investing in renewable energy to advance economic diversification, stability, and growth. Masdar’s increasing scope of work in Azerbaijan, evidenced by its new Baku office, demonstrates the UAE’s commitment to supporting decarbonization and sustainable development around the world.”
Mohamed Jameel Al Ramahi, CEO, Masdar, stated, “The opening of our new office in Baku is a testament to Azerbaijan’s increasing focus on renewable energy and Masdar’s growing global portfolio, which we have pledged will reach 100 GW by 2030.”
Azerbaijan plans to increase its installed power capacity to 30 percent from renewable sources by 2030, to diversify its economy and reduce greenhouse gas emissions. The Government has targeted developing renewable energy sources as a strategic priority for the country’s development, and is looking to establish Azerbaijan as a green energy producer and exporter.
Ilham Aliyev, President of Azerbaijan, reiterated at Abu Dhabi Sustainability Week the country’s clean energy objectives and highlighted how its partnership with Masdar will help in achieving them.
At ADSW, Masdar signed joint development agreements for onshore wind and solar projects, and integrated offshore wind and green hydrogen projects, with a total combined capacity of 4 GW. The projects are part of a larger agreement with Azerbaijan’s Ministry of Energy to develop a renewable energy program on a bilateral basis, with a total capacity of 10 GW across multiple technologies, one of the largest such signings in Azerbaijan’s history.
Masdar is also developing the 230-megawatt Garadagh Solar PV Plant in Azerbaijan.