In this list
Electric Power | Energy Transition

UAE's Masdar to develop 4 GW of renewable and green hydrogen projects in Azerbaijan

Electric Power | Electricity | Energy | Energy Transition

European Long-Term Power Forecast

Petrochemicals | Polymers

Buyers’ choice: Global oversupply of single-use plastics makes recycling uneconomical

Oil | Energy Transition | Energy

APPEC 2024

Commodities | Energy | Oil | Refined Products | Fuel Oil | Gasoline | Shipping | Tankers

Infographic: Russian diesel export ban hits already tight market

Electric Power | Electricity | Energy | Energy Transition | Renewables

Platts EuGO: European Guarantees of Origin assessments

Energy | Electric Power | Energy Transition | Electricity | Renewables

Women in Energy: More utility leadership roles, but parity remains far off

For full access to real-time updates, breaking news, analysis, pricing and data visualization subscribe today.

Subscribe Now

UAE's Masdar to develop 4 GW of renewable and green hydrogen projects in Azerbaijan


Potential for second phase to add 6 GW

Deals may include exports of electricity from Azerbaijan

Masdar is targeting 50 GW by 2030 from about 15 GW in 2021

  • Author
  • Dania Saadi
  • Editor
  • Claudia Carpenter
  • Commodity
  • Electric Power Energy Transition

The UAE's Masdar said June 5 that it has signed two agreements to develop 4 GW of renewables projects in Azerbaijan, with the potential for an additional 6 GW in a second phase, which would be the largest deal in the Caucasian country's history.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

Masdar will develop 1 GW of onshore wind and 1 GW of solar photovoltaic projects in Azerbaijan, along with offshore wind and green hydrogen projects with 2 GW of capacity, according to a statement. The news "underscores the UAE and Masdar's position as a global leader in renewable energy, as we progress our strategy toward a portfolio of at least 100 GW globally," Masdar Chairman Sultan al-Jaber said in the statement.

Masdar, in which Abu Dhabi National Oil Co. and sovereign wealth fund Mubadala Investment Co. have stakes, increased its clean energy portfolio by 40% to about 15 GW in 2021 and is targeting 50 GW by 2030. Since the start of 2022, Masdar has signed agreements for renewable energy and green hydrogen projects with a combined capacity of more than 10 GW.

"The agreement for onshore wind and solar projects includes measures to study and strengthen the network and implement processes for the export of electricity," Masdar said. "The second agreement includes measures to create wind power for production and export purposes, decarbonization, hydrogen production and export.

Masdar also said it signed a memorandum of understanding with the State Oil Co. of Azerbaijan Republic (SOCAR) for the joint development of renewable energy sources.

The UAE is targeting a 25% global market share of low-carbon hydrogen by 2030, has several hydrogen projects underway and is eyeing a large share of key export markets, including Japan, South Korea, and Germany, as well as other markets it identifies as being of "high potential" in Europe and East Asia.

Hydrogen UAE PEM electrolysis was assessed on June 3 at $6.4544/kg, unchanged on the day, according to assessments by Platts, part of S&P Global Commodity Insights.