The office will enable the company to support the country’s goal of securing 30% of power mix from renewable sources by 2030 and reduce greenhouse gas emissions.
Mohamed Jameel Al Ramahi, CEO of Masdar, said, “The opening of our new office in Baku is a testament to Azerbaijan’s increasing focus on renewable energy and Masdar’s growing global portfolio, which we have pledged will reach 100GW by 2030.”
Earlier this year, Masdar signed joint development agreements for onshore wind and solar projects and integrated offshore wind a green hydrogen projects with a total combined capacity of 4GW.
The agreement was signed with the State Oil Company of the Republic of Azerbaijan (SOCAR), and aligns with national targets.
Masdar aims to achieve 100GW of renewable energy capacity and one million tonnes of green hydrogen production per year by 2030.
This project is also part of a larger agreement with Azerbaijan’s Ministry f Energy to develop a renewable energy program on a bilateral basis with a total capacity of 10GW across multiple technologies.
Mohammed Murad Al Blooshi, UAE Ambassador to the Republic of Azerbaijan, said, “The opening of Masdar’s office in Azerbaijan is a testament to the shared ambition of the UAE and Azerbaijan toward renewables and sustainability.”
Last year, Fortescue Future Industries (FFI) signed a framework agreement with Azerbaijan’s Ministry of Energy to jointly explore up to 12GW of renewable energy and green hydrogen projects.
The agreement follows a Memorandum of Understanding (MoU) signed in July (2022) between Azerbaijan and the European Commission to accelerate the development and deployment of renewable energy generation and transmission capacity.