UAE green energy giant opens office in Baku

ECONOMICS  06 February 2023 - 17:18

Masdar has committed to supporting Azerbaijan’s renewable energy development efforts by setting up an office in the country’s capital, Baku, Caliber.Az reports, citing Gulf Business.

The new office is located in Port Baku Tower.

The company will work closely with the government and other stakeholders in Azerbaijan to accelerate the growth of its renewable energy sector, as the country continues to take steps to meet clean energy targets and transition to a low-carbon future.

A show of support

“The UAE and Azerbaijan both recognise 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,” said Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate, and chairman of Masdar.

Mohammed Murad Al Blooshi, UAE Ambassador to the Republic of Azerbaijan, said the opening of the office in Azerbaijan “is a testament to the shared ambition of the UAE and Azerbaijan toward renewables and sustainability. Our two nations are committed to working together to create a sustainable future, and the new office will play a critical role in supporting this important work”.

Clean energy goals

Azerbaijan plans to increase its installed power capacity to 30 per cent 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.

Ilham Aliyev, President of the Republic of Azerbaijan, delivered a keynote address at Abu Dhabi Sustainability Week 2023, where he reiterated the country’s clean energy objectives and highlighted how its partnership with Masdar will help in achieving them.

At Abu Dhabi Sustainability Week, 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 4GW. 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 10GW across multiple technologies, one of the largest such signings in Azerbaijan’s history.

Masdar is also developing the 230-megawatt Garadagh Solar PV Plant in Azerbaijan. The plant will help to generate half a billion kilowatt-hours of electricity annually, enough to meet the needs of more than 110,000 homes, and will reduce emissions by more than 200,000 tonnes a year, while also creating valuable jobs.  Masdar announced the financial close of the plant in August 2022.

The project was co-financed by Abu Dhabi Fund for Development, the Asian Development Bank, the European Bank for Reconstruction and Development and Japan International Cooperation Agency.

Caliber.Az