Abu Dhabi-based Masdar has signed an agreement with the Ministry of Energy of the Republic of Azerbaijan to cooperate on offshore wind-to-hydrogen projects with a total of 2 GW in capacity.
The agreement also includes steps to create offshore wind-to-hydrogen projects for production and export purposes.
The agreement was signed by Azerbaijan’s Minister of Energy Parviz Shahbazov and Fawaz Al Muharrami, Acting Executive Director of Masdar Clean Energy at the Baku Energy Week in Azerbaijan.
The development of offshore wind and the production of green hydrogen open a new page in the history of the Caspian Sea through Azerbaijan, Minister Shahbazov said.
Masdar signed agreements for a total of 4 GW of capacity through renewable energy projects in the country, as the UAE company and the government also signed agreement for the development of 1 GW of solar projects and 1 GW of onshore wind.
These are for the first phase of the development and also comprise an option for Masdar to develop an additional 6 GW of projects as a second phase, bringing the total production capacity of these projects to 10 GW – the largest initiative of this kind in Azerbaijan’s history, according to the company.
“These 4,000 MW solar, wind and green hydrogen projects, being the largest renewable energy production capacity in the region and in our energy history, provide ample opportunities for the development of Azerbaijan as a green growth country, green energy producer and exporter, as well as allow for involving multibillion-dollar green investment”, said Parviz Shahbazov.
Masdar also signed a Memorandum of Understanding (MOU) with the State Oil Company of Azerbaijan Republic (SOCAR) to work together to develop renewable energy projects.
“These clean energy projects also demonstrate the valuable economic opportunities of the energy transition and will contribute to the energy diversification and energy security of Azerbaijan”, said Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar.
According to the recently released roadmap, Azerbaijan has the potential to install 7 GW of offshore wind power by 2040 with the right long-term vision, infrastructure development, investment, and policies.
When it comes to Masdar, the company aims to have more than 50 GW of renewable energy capacity globally by 2030.
The UAE company holds a stake in the London Array offshore wind farm and in Hywind Scotland, the world’s first floating wind farm.
Earlier this year, the company signed an agreement with Cosmo Energy Holdings Co. to explore the development of offshore wind projects in Japan, and was one of the eligible bidders in the US in the latest offshore wind lease sale for areas offshore the Carolinas.
Masdar has also just signed an MoU with BP to acquire a stake in a proposed offshore wind-to-green hydrogen project in the UK, HyGreen Teeside.
The Abu Dhabi-based company is also working on green hydrogen development, in collaboration with a number of international partners, the company said. In December, it formed a strategic alliance with France’s ENGIE to co-develop a UAE-based green hydrogen hub and last month the company, together with Hassan Allam Utilities, signed agreements with organisations in Egypt related to development of green hydrogen production plants in the country, targeting an electrolyser capacity of 4 GW by 2030.
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