Masdar sets up new office in Azerbaijan to back country’s clean energy goals
Abu Dhabi’s renewable energy company Masdar has opened a new office in Baku, Azerbaijan, to strengthen its support for the country’s renewable energy development.
During the inauguration event for the office, located in Port Baku Tower, Masdar pledged to work with the goverment and other stakeholders in Azerbaijan to accelerate the growth of its renewable energy sector, as the country pushes ahead to meet clean energy targets and transition to a low-carbon future.
Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate, and Chairman of Masdar, said: “The United Arab Emirates and Azerbaijan both recognize the importance of investing in renewable energy to advance economic diversification, stability, and growth. Masdar’s increasing scope of work in Azerbaijan, evidenced by its new Baku office, demonstrates the UAE’s commitment to supporting decarbonisation and sustainable development around the world.”
Javid Abdullayev, Director of Azerbaijan Renewable Energy Agency, stated: “Developing our ample renewable energy potential is a strategic priority for Azerbaijan, and we believe that working with partners like Masdar will help us achieve our goals and create a brighter, more sustainable future for our people. The agreements we have signed with Masdar will play a critical role in our green growth journey and we look forward to further collaborations.”
Azerbaijan plans to increase its installed power capacity to 30% from renewable sources by 2030, to diversify its economy and reduce greenhouse gas emissions. The government has targeted developing renewable energy sources as a strategic priority for the country’s development, and is looking to establish Azerbaijan as a green energy producer and exporter.
where he reiterated the country’s clean energy objectives and highlighted how its partnership with Masdar will help in achieving them.
During the Abu Dhabi Sustainability Week 2023, Masdar signed joint development agreements for onshore wind and solar projects, and integrated offshore wind and green hydrogen projects, with a total combined capacity of 4 gigawatts (GW).
The projects are part of a larger agreement with Azerbaijan’s Ministry of Energy to develop a renewable energy program on a bilateral basis, with a total capacity of 10 GW across multiple technologies, one of the largest such signings in Azerbaijan’s history.