{"id":84694,"date":"2024-06-05T00:00:00","date_gmt":"2024-06-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/06\/05\/masdar-and-azerbaijan-break-ground-on-1-gw-worth-of-renewable-energy-projects\/"},"modified":"2024-06-05T00:00:00","modified_gmt":"2024-06-05T00:00:00","slug":"masdar-and-azerbaijan-break-ground-on-1-gw-worth-of-renewable-energy-projects","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/06\/05\/masdar-and-azerbaijan-break-ground-on-1-gw-worth-of-renewable-energy-projects\/","title":{"rendered":"Masdar and Azerbaijan break ground on 1 GW worth of renewable energy projects"},"content":{"rendered":"

<\/strong>Masdar <\/strong>advances its Azerbaijan projects: <\/strong>UAE's renewables giant Masdar broke ground on three renewable energy projects with a total capacity of 1 GW in Azerbaijan as part of the company\u2019s intended 10 GW pipeline<\/a> for the country, according to a statement<\/a>. Investment agreements for the projects were reached in October 2023, the statement notes. The investment tickets for the projects were not disclosed. <\/p>\n

Solid steps forward: <\/strong>The groundbreaking ceremony included the signing of power purchase agreements, transmission connection agreements, investment agreement amendments, and land lease agreements, according to a separate statement<\/a>. Masdar will partner with Azerbaijan\u2019s state-owned Socar<\/a> to develop the projects and signed a shareholder agreement for the three projects, Masdar\u2019s statement notes.<\/p>\n

The details:<\/strong> The projects include a 445 MW solar PV project in the Bilasuvar region, a 315 MW solar project in the region, and a 240 MW onshore wind farm in the Absheron-Garadagh region. The solar projects are scheduled for operation between end of 2026 to early 2027, while the wind facility is set to start operations by the end of 2027, Masdar's head of development and investment for the CIS region Maryam Al Mazrouei told Reuters<\/a>. <\/p>\n

This has been in the works: <\/strong>Masdar signed an agreement with Socar to develop renewables projects with a combined capacity of 4 GW<\/a> last year. These included the joint development of offshore wind energy and hydrogen projects with a capacity of 2 GW, solar PV projects with a capacity of 1 GW, and another 1 GW of onshore wind energy. <\/p>\n

Masdar has other projects in Azerbaijan:<\/strong> Masdar launched the operations of its 230MW Garadagh Solar Park in Azerbaijan \u2014 the largest in the region and the first independent solar project to receive foreign investment \u2014 last October<\/a>. Masdar and Saudi\u2019s Acwa Power also signed an MoU<\/a> with Socar for 500 MW of renewable energy projects in the country. <\/p>\n

The region is deepening ties with Azerbaijan: <\/strong>The UAE and Azerbaijan signed multiple agreements<\/a> for cooperation in sustainable development across the renewable energy and environmental sectors ahead of COP29 last January. Acwa Power and Socar also agreed to work together to decarbonize some of Socar\u2019s downstream assets<\/a> through the production of green hydrogen. Egypt and Azerbaijan have agreed to cooperate<\/a> on mining, green hydrogen, and renewable energy.<\/p>\n","protected":false},"excerpt":{"rendered":"

Masdar and Socar will partner on solar and wind energy projects set to launch by 2027<\/p>\n","protected":false},"author":1,"featured_media":84695,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[104],"tags":[160,88,42,52,46],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-renewables","tag-masdar","tag-renewables","tag-solar-energy","tag-uae","tag-wind-energy","wpautop","entry"],"acf":{"mongo_id":"40238666-ad8b-4746-9e28-e863de2c9a5e","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/435.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Masdar 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