BAKU, Azerbaijan, June 4. Masdar is proud to expand its partnership with Azerbaijan, said Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, Trend reports.
He made the remark at the groundbreaking ceremony of three major solar and wind projects in Azerbaijan with a capacity of 1 GW, which took place today.
"We are proud to partner with Azerbaijan on this significant expansion of its renewable energy capacity and to support Azerbaijan’s journey toward energy diversification, stimulating new industries, new jobs and sustainable economic growth. A key pillar of the historic UAE Consensus is the goal of tripling renewable energy capacity by 2030. We need many more partnerships like these to ensure a just, orderly and equitable energy transition that keeps 1.5 within reach," he said.
The three groundbreakings include the 445 MW Bilasuvar Solar PV Project, 315 MW Neftchala Solar PV Project, and the 240 MW Absheron-Garadagh Onshore Wind Project. Investment agreements for the projects were reached in October 2023, followed by the signing of Power Purchase Agreements, Transmission Connection Agreements, and Land Lease Agreements.
The groundbreaking, which took place at the opening ceremony of Baku Energy Week, reinforces Masdar’s long-term commitment to Azerbaijan as a global strategic partner.