UAE government-owned renewable energy company Masdar plans to develop up to 10GW of renewable energy projects in Azerbaijan, including onshore wind and offshore wind linked to green hydrogen production.
The Abu Dhabi-based company has signed implementation agreements with Azerbaijan’s energy ministry to develop up to 4GW of wind and solar PV projects, with the right to develop an additional 6GW.
It plans to build 1GW of onshore wind capacity, 1GW of solar PV capacity, and 2GW of offshore wind to drive production of green hydrogen. It is unclear how many projects will be included in this build-out, where they will be located, when they are expected to be commissioned, or what the green hydrogen will be used for.
Masdar has also agreed to strengthen the grid as part of the pact with the energy ministry, which was signed at Baku Energy Week.
It inked the deals following publication of an offshore wind roadmap for Azerbaijan, in which lenders the World Bank and the International Finance Corporation outline how up to 7.2GW of offshore wind capacity could be built in the Caspian Sea by 2040.
At the summit, Masdar also signed a memorandum of understanding with the State Oil Company of Azerbaijan Republic (Socar) to jointly develop renewable energy sources.
It is unclear which renewable energy sources this deal covers, how much capacity the partners intend to build, and when and where the projects might be built.
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