Masdar Powers Caspian Renewables with Azerbaijan Pact

• Masdar, owned by Abu Dhabi government, signs agreements to construct 1GW solar & wind power capacity in Azerbaijan. Garadagh Solar Park is now inaugurated, producing enough electricity to power 110,000 homes. Masdar plans to double capacity this year aiming for 100GW of gross capacity to aid UAE's net zero carbon emissions by 2050. Adnoc expands presence in Azerbaijan with 30% equity in Absheron natural gas field.

Masdar, owned by the Abu Dhabi government, has signed agreements to build 1GW of power capacity at two solar plants and one onshore wind project in Azerbaijan. The company also inaugurated the 230 megawatt Garadagh Solar Park in Azerbaijan, which will generate enough electricity to power more than 110,000 homes. Masdar has plans to double capacity this year as it aims to have 100 gigawatts of gross capacity by the end of the decade. The UAE plans to reach net zero carbon emissions by 2050, and Masdar Chairman Sultan Al Jaber has been appointed as COP28 president. Adnoc is also expanding its presence in Azerbaijan, having recently acquired a 30% equity stake in the Absheron natural gas field in the Caspian Sea.

What Plans Does Masdar Have to Reach 100GW of Capacity?

• Masdar has committed to invest more than $2 billion in clean energy by 2020.
• Masdar’s goal is to build 10 gigawatts of renewable energy by 2030, with a predicted $15 billion investment in renewable energy by 2040.
• Masdar is exploring opportunities to invest in solar and wind projects in other countries, including Egypt, Jordan, Oman, and India.
• Masdar is also investing in energy efficiency technologies, such as LED lighting and smart meters.
• The company is in the process of developing several large-scale energy storage projects to help balance the intermittent nature of wind and solar energy.
• Masdar is exploring opportunities to develop green hydrogen as a zero-emissions fuel source.
  
• Masdar is also exploring the development of marine energy sources, such as tidal power.