UAE company Masdar to invest $1.2 bln in renewable energy projects in Azerbaijan

BAKU. Sept 23 (Interfax) - UAE company Masdar will invest over $1.2 billion in renewable energy projects in Azerbaijan, head of the Masdar development and investment department for the CIS region Maryam Al Mazrouei said.

"In 2024, during Baku Energy Week, Masdar and SOCAR [the State Oil Company of the Azerbaijani Republic] signed a major agreement to develop an additional 1 GW of capacity. This includes two solar power plants already under construction in Bilasuvar and Neftchala, as well as a 240 MW onshore wind farm. Altogether, our total investment in Azerbaijan will reach approximately $1.2 billion," Al Mazrouei is quoted as saying in Baku by news agency Report.

She said that Masdar had begun its partnership with Azerbaijan in 2018, resulting in the construction of the country's first large renewable energy facility, a 230-MW solar power plant which the country has been using successfully for the last two years.

Al Mazrouei also said that Masdar and its partners were discussing new initiatives in Azerbaijan, such as a "green energy" corridor to export electricity to Europe, a project that will open up additional investment opportunities.