Masdar inks deals for 1GW solar and wind projects in Central Asia

Masdar has inked deals for solar and wind projects with a capacity of 1GW in Central Asia.

The company signed strategic agreements with the Azerbaijan government. It includes three investment deals for two solar arrays and one wind scheme. The latest development comes following the inauguration of the 230MW Garadagh solar park.

According to the company, the latest agreements cover the progression of the first phase of a 10GW pipeline of renewable energy developments in the country.

It is followed by the “development of Garadagh, Azerbaijan’s first foreign investment-based independent solar power project, and the largest solar plant in the region,” a local report mentioned. The 1GW clean energy agreements were inked by Masdar chief executive Mohamed Jameel Al Ramahi, Azerbaijan Minister of Energy Parviz Shahbazov and Azerbaijan Minister of the Economy Mikayil Jabbarov.

Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, and chairman of Masdar, was quoted in a statement, “Garadagh is a testament to our shared commitment to diversifying the global energy mix. Azerbaijan’s ambition to develop low and zero-carbon solutions through renewable energy, is exactly what the world needs at this time.”

He further stated, “The UAE is proud to support Azerbaijan’s clean energy goals, to generate more than 30 percent of its overall energy capacity from renewables by 2030.”

The countries have stressed on clear energy transition plans with renewable energy capacity targets.