Masdar, an Abu Dhabi state-owned renewable energy firm, has announced plans to build two solar plants and a wind farm in Azerbaijan with a total capacity of 1 gigawatt. The agreements for these projects were signed with Azeri state oil firm Socar, with Masdar holding 75% ownership and Socar holding 25%. The projects consist of the Bilasuvar Solar PV Project, the Neftchala Solar PV Project, and the Absheron-Garadagh Onshore Wind Project, expected to be operational by 2026-2027. This initiative aligns with the upcoming COP29 climate summit in Baku, reinforcing the UAE’s commitment to green growth and sustainable development.
The decision to invest in renewable energy projects in Azerbaijan reflects Masdar’s strategy to expand its presence in the CIS region. Maryam Al Mazrouei, Masdar’s head of development and investment for the region, highlighted the importance of these projects in promoting sustainable development globally. By focusing on solar and wind energy, Masdar aims to reduce reliance on fossil fuels and support the transition towards cleaner energy sources. This aligns with the goals set at COP28, where nearly 200 countries agreed to shift away from fossil fuels.
The UAE’s commitment to climate action is further demonstrated through the Alterra climate fund, which aims to raise over $200 billion in investments over the next six years. This fund, launched in December, targets $250 billion of institutional investments by 2030. Supported by Abu Dhabi-based alternative investment manager Lunate and Sheikh Tahnoon bin Zayed Al Nahyan’s business empire, Alterra aims to drive sustainable investments and support the global transition to renewable energy. By leveraging financial resources and partnerships, the UAE is contributing to the global effort to combat climate change and promote sustainable development.
The renewable energy projects in Azerbaijan mark a significant milestone in Masdar’s efforts to expand its portfolio and contribute to sustainable development in the region. With the Bilasuvar and Neftchala Solar PV projects slated for operation by 2026-2027, and the Absheron-Garadagh Onshore Wind project by the end of 2027, Masdar is accelerating the transition towards clean energy sources. These projects not only align with global climate goals but also support Azerbaijan’s efforts to diversify its energy mix and reduce carbon emissions. By partnering with local stakeholders, Masdar is driving innovation and sustainability in the renewable energy sector.
The decision to invest in solar and wind projects in Azerbaijan underscores Masdar’s commitment to advancing renewable energy technologies and supporting the global transition towards cleaner energy sources. By leveraging its expertise in the renewable energy sector, Masdar is contributing to the UAE’s vision of becoming a leader in sustainable development and climate action. The partnerships with Azeri state oil firm Socar and other local stakeholders demonstrate Masdar’s collaborative approach to driving positive change and fostering sustainable growth in the region. Through these projects, Masdar is not only expanding its presence in the CIS region but also contributing to the global effort to mitigate climate change and promote a sustainable future.
In conclusion, the partnership between Masdar and Socar to develop renewable energy projects in Azerbaijan reflects a shared commitment to sustainability and climate action. By investing in solar and wind energy projects with a total capacity of 1 gigawatt, Masdar is supporting Azerbaijan’s efforts to diversify its energy mix and reduce carbon emissions. These projects also align with global climate goals and contribute to the UAE’s vision of becoming a leader in sustainable development. With the upcoming COP29 climate summit in Baku, the timing of these projects highlights the importance of international cooperation in addressing climate change and promoting renewable energy. Through strategic partnerships and investments, Masdar is driving innovation and sustainability in the renewable energy sector and paving the way towards a greener future.
