Masdar has finalised investment deals for onshore wind and solar projects with an overall capacity of 1 GW in Azerbaijan. Reportedly, the agreements follow the opening of Masdar’s 230 MW Garadagh solar power facility in Azerbaijan and involve one onshore wind and two solar projects.

Furthermore, it is projected that the facility will generate 500 billion kWh of power annually, more than 110,000 homes’ worth of consumption, and more than 200,000 tonnes of carbon dioxide emissions mitigated annually. The first phase of Masdar’s proposal in Azerbaijan includes 1 GW of solar PV, 1 GW of onshore wind, and 2 GW of combined offshore wind and green hydrogen initiatives for which the company has exclusive permission.

In September 2023, Masdar finalised a deal with Perusahaan Listrik Negara (PLN) for a 500 MW expansion of a floating solar plant in Southeast Asia. The agreement covers Phase II of the Cirata project in West Java, Indonesia, which is projected to achieve 145 MW of capacity in 2023.

REGlobal’s Views: With the global focus on energy transition and decarbonisation, new renewable energy investment hotspots are emerging across the globe, as these countries reduce their fossil fuel imports. Masdar has been rapidly expanding its reach and building its portfolio across many of such emerging but highly attractive markets in Asia and Middle East like Turkmenistan, Uzbekistan, Jordan, Azerbaijan and others. Meanwhile, Azerbaijan is attempting to meet 30 per cent of its domestic energy needs with renewables by 2030.