Masdar Signs 1GW Clean Energy Agreement in Azerbaijan

The inauguration of Garadagh was overseen by Ilham Aliyev, President of the Republic of Azerbaijan and Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate, and Chairman of Masdar.

The 1GW clean energy agreements were signed by Masdar Chief Executive Officer, Mohamed Jameel Al Ramahi, Azerbaijan Minister of Energy, Parviz Shahbazov and Azerbaijan Minister of the Economy, Mikayil Jabbarov.

Dr. Sultan Al Jaber, said, "Garadagh is a testament to our shared commitment to diversifying the global energy mix. Azerbaijan's ambition to develop low and zero-carbon solutions through renewable energy, is exactly what the world needs at this time.

"The UAE is proud to support Azerbaijan's clean energy goals, to generate more than 30 percent of its overall energy capacity from renewables by 2030. We need all nations of the world to set out clear energy transition plans with clear targets for renewable energy capacity. As the UAE prepares to host COP28 in November, our North Star for climate action must be to keep the ambition of limiting global temperatures to 1.5C within reach."

Speaking at the inauguration event, Dr. Sultan also commended President Ilham Aliyev and the nation of Azerbaijan for its commitment to a defined, strategic plan of action to develop new industries, new jobs and green economic growth.

In his speech Dr. Sultan said:

• With just 34 days to COP28, Garadagh illustrates the practical action needed to turn the goals of the Paris Agreement into tangible reality.
• Paris unified the world around a common goal, but since then, we have not seen enough action to close a massive emissions gap.
• While investment in renewable energy continues to grow, with a record 500GW added globally this year, the world must triple renewable energy capacity by 2030 to keep 1.5 within reach.
• It is critical to bring everybody to the table to be part of the solution. This is the spirit of inclusivity needed at COP28, bringing the world together to focus on solutions and results.

The Garadagh plant which represents Masdar's first project in the country, will generate half a billion kilowatt-hours of electricity each year, enough to power more than 110,000 homes, reducing carbon emissions by over 200,000 tonnes a year. The project is co-financed by Abu Dhabi Fund for Development, the Asian Development Bank, the European Bank for Reconstruction and Development and Japan International Cooperation Agency.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar said: "The inauguration of Garadagh, the largest operational plant in the region, is a milestone achievement. Azerbaijan is a key strategic partner for Masdar and the signing of these additional agreements today pave the way to accelerate the scale of Azerbaijan's clean energy vision.

"Garadagh is the first in a number of potential projects to develop onshore wind, offshore wind, solar and green hydrogen with a total combined capacity of 10GW. This will lead to greater investment and international collaboration as we work together to help Azerbaijan achieve its ambitious climate goals."