{"id":81064,"date":"2023-12-06T00:00:00","date_gmt":"2023-12-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/12\/06\/masdar-signs-another-trio-of-agreements-adnoc-and-azerbaijan-cooperate-on-low-carbon-energy\/"},"modified":"2023-12-06T00:00:00","modified_gmt":"2023-12-06T00:00:00","slug":"masdar-signs-another-trio-of-agreements-adnoc-and-azerbaijan-cooperate-on-low-carbon-energy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/12\/06\/masdar-signs-another-trio-of-agreements-adnoc-and-azerbaijan-cooperate-on-low-carbon-energy\/","title":{"rendered":"Masdar signs another trio of agreements + Adnoc and Azerbaijan cooperate on low-carbon energy"},"content":{"rendered":"

Masdar and Iberdrola will co-invest EUR 15 bn in the EU and US clean energy markets: <\/strong>UAE state-owned renewables developer Masdar signed a strategic partnership agreement with Spain\u2019s Iberdrola to co-invest up to EUR 15 bn in exploring development projects in the offshore wind and green hydrogen in key markets including Germany, the UK, and the US, according to a statement<\/a>.<\/p>\n

We knew this was coming: <\/strong>Back in October, Masdar said it is planning to snap up a 49%<\/a> stake in Iberdrola's largest offshore wind project off Britain\u2019s eastern coast \u2013 East Anglia 3 \u2014 for EUR 2 bn (USD 2.1 bn). The new EUR 15 bn co-investment partnership could see the acquisition agreement for the 1.4 GW wind farm finalized by 1Q 2024, the statement notes. East Anglia 3 is scheduled for full commercial launch by 4Q 2026<\/p>\n

Not their first collaboration:<\/strong> Masdar entered a similar agreement with the Spanish utility back in July, acquiring a 49% stake<\/a> in its EUR 1.6 bn Baltic Eagle offshore wind farm off the coast of Germany. The sale of shares in Baltic Eagle falls under Iberdrola\u2019s EUR 47 bn investment plan<\/a> in the renewables sector.<\/p>\n

Masdar is also tapping into Jordan\u2019s clean energy sector: <\/strong>The renewables giant has also inked a joint development agreement with Jordan\u2019s Energy and Mineral Resources Ministry to establish a 1 GW wind farm accompanied by a battery energy storage system (BESS) in the country, according to a statement<\/a>. The expected investment ticket and timeline for the project were not disclosed.<\/p>\n

There\u2019s more: <\/strong>Masdar and Jordan also signed an MoU to explore the feasibility of establishing a green hydrogen generation plant in the country, the statement notes. Masdar has set a target of generating 1 mn tons of green hydrogen annually by 2030 in line with UAE plans to capture 25% of the market by the end of the decade, the statement added. <\/p>\n

UPDATES FROM UGANDA- Masdar signed a roadmap agreement with Uganda to develop <\/strong>a 150 MW solar energy farm in the country<\/strong>, the company said<\/a>. The agreement comes as part of a wider agreement to develop 1 GW of PV projects<\/a> in the African country. The expected investment ticket and a timeline for the project was not provided. <\/p>\n

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Adnoc <\/strong>+ Socar partner on low-carbon energy: <\/strong>Adnoc and the State Oil Company of Azerbaijan Republic (Socar) signed an agreement to collaborate on developing low-carbon energy technologies, according to a statement<\/a>. The agreement will see Adnoc and Socar explore advancing blue hydrogen, carbon management, and geothermal tech that can accelerate the decarbonization of energy systems in the UAE, Azerbaijan, and other markets. Both companies signed the Oil and Gas Decarbonization Charter<\/a> at COP28 earlier this week which aims to end flaring, eliminate methane emissions by 2030, and achieve net zero by 2050. The collaboration agreement comes as UAE's Masdar \u2014 partly owned by Adnoc \u2014 established a base of operations<\/a> in Azerbaijan earlier this year and inaugurated a 230 MW solar project<\/a> in the country with plans to develop a further 1 GW of clean clean energy projects. <\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n