On the margins of Abu Dhabi Sustainability Week, the international platform for advancing sustainable development that Masdar is hosting, the agreements were signed by Rovshan Najaf, President of SOCAR, and Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar.
The signing was witnessed by HE Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology for the UAE, President-Elect of COP28, and Chairman of Masdar, and HE Mikayil Jabbarov, Minister of Economy for Azerbaijan.
HE As world leaders assemble in the UAE for Abu Dhabi Sustainability Week, Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate, and Chairman of Masdar, said, “We are demonstrating the power of partnership and cooperation in advancing the inclusive energy transition and I look forward to seeing more announcements at ADSW.
According to Masdar’s CEO Mohammed Jameel Al Ramahi, “Masdar sees Azerbaijan as a critical strategic partner, one we are happy to support in its transition to renewable energy. This agreement’s signing represents an important development and delivery milestone that will help Azerbaijan achieve its targets for renewable energy and support its continuous sustainable economic growth.
One of the greatest such agreements in Azerbaijan’s history was signed by Masdar and the Energy Ministry of Azerbaijan in June of last year to build a bilateral renewable energy program with a total capacity of 10 GW across several technologies. The first phase of the program, with a total capacity of 4 GW, will be developed in accordance with the principles of collaboration and partnership outlined in the joint development agreements between the parties.
SOCAR is a fully integrated national oil and gas firm that supports the Republic of Azerbaijan’s energy security. In order to diversify its economy and cut greenhouse gas emissions, Azerbaijan has set a national goal to produce 30% of its domestic energy needs from renewable sources by 2030.
In Azerbaijan, Masdar is also building the 230-megawatt Garadagh Solar PV Plant. The facility will contribute to the production of half a billion kilowatt-hours of electricity annually, enough to power more than 110,000 homes, as well as the creation of valuable employment and a reduction in greenhouse gas emissions of more than 200,000 tonnes yearly.
Masdar recently unveiled a new shareholding structure and increased emphasis on green hydrogen, elevating it to the position of one of the biggest clean energy firms in existence. The new Masdar is a clean energy powerhouse that will lead the UAE’s Net Zero by 2050 Strategic Initiative and propel the world’s transition to clean energy. Its 2030 targets include producing 1 million tonnes of green hydrogen yearly and 100 GW of renewable energy capacity.
