RIYADH: Renewable energy company Masdar has signed an agreement with the Ministry of Energy of the Republic of Azerbaijan to develop clean and renewable energy projects in the country with a combined capacity of 4,000 MW, the company said in a statement.
Touted to be the largest deal of its kind in the history of Azerbaijan, under the agreement, 4,000 MW will be generated in the first phase, while the second phase will generate 6,000 MW.
Two agreements were signed as part of the first phase under which Masdar will develop solar projects with a capacity of 1,000 MW and 1,000 MW of onshore wind.
Under the second agreement, Masdar will build integrated offshore wind and green hydrogen projects with a capacity of 2,000 MW.
“The 4,000 MW of renewable energy projects announced today reinforce the close relationship between the UAE and Azerbaijan and are a testament to our shared commitment to progressive climate action,” said Sultan Ahmed Al Jaber, UAE minister of industry and advanced technology and chairman of Masdar.