Masdar has signed two agreements with Azerbaijan to construct 4 GW of renewable energy projects, with the possibility for an additional 6 GW in a second phase.
According to a statement, Masdar plans to build 1 GW of onshore wind and 1 GW of solar photovoltaic projects in Azerbaijan, as well as 2 GW of offshore wind and green hydrogen projects. Masdar Chairman Sultan al-Jaber stated in a statement that the announcement “underscores the UAE and Masdar’s position as a worldwide leader in renewable energy, as we continue our goal toward a portfolio of at least 100 GW globally.”
Masdar, in which Abu Dhabi National Oil Co. and Mubadala Investment Co. both have holdings, grew its sustainable energy portfolio by 40% to around 15 GW in 2021, with a goal of 50 GW by 2030. Masdar has inked agreements for renewable energy and green hydrogen projects totaling more than 10 GW since the beginning of 2022.
“The deal for onshore wind and solar projects includes measures to analyze and enhance the network, as well as processes for power export,” Masdar explained. “Measures to develop wind power for production and export, decarbonization, hydrogen generation, and export are all included in the second accord.
Masdar also announced the signing of a memorandum of understanding with the Azerbaijan Republic’s State Oil Company (SOCAR) for the combined development of renewable energy sources.
The UAE is aiming for a 25% global market share of low-carbon hydrogen by 2030, has several hydrogen projects in the works, and is targeting a large share of key export markets such as Japan, South Korea, and Germany, as well as other markets in Europe and East Asia that it sees as having “high potential.”
According to Platts, part of S&P Global Commodity Insights, hydrogen UAE PEM electrolysis was evaluated on June 3 for $6.4544/kg, unchanged from the previous day.
