Masdar strikes 1GW clean energy agreement with Azerbaijan
The agreements came after the launch of the 230MW Garadagh Solar Park.
UAE-based energy firm Masdar has signed three investment deals for solar and onshore wind projects with an overall capacity of 1 gigawatt (GW) in Azerbaijan.
The agreements followed after the launch of the 230MW Garadagh Solar Park, Masdar’s first renewable project in Azerbaijan, the first foreign investment-based solar power project in the country and the largest operational solar plant in the region.
Through Masdar, progress will go through for the first phase of a 10GW production line of renewable energy projects in Azerbaijan that started in 2022. And it will set as a milestone in Azerbaijan's 2030 clean energy ambitions.
“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,” Dr. Sultan Al Jaber, COP28 President-Designate and Chairman of Masdar weighed in.
Masdar also plans its expansion over the Caucasus region and Central Asia.