Masdar Opens Office in Azerbaijan to Support Nation's Clean Energy Objectives - Seite 2

achieve our goals and create a brighter, more sustainable future for our people.
The agreements we have signed with Masdar will play a critical role in our green
growth journey and we look forward to further collaborations."

Azerbaijan plans to increase its installed power capacity to 30 percent from
renewable sources by 2030, to diversify its economy and reduce greenhouse gas
emissions. The Government has targeted developing renewable energy sources as a
strategic priority for the country's development, and is looking to establish
Azerbaijan as a green energy producer and exporter.

HE Ilham Aliyev, President of the Republic of Azerbaijan, delivered a keynote
address at Abu Dhabi Sustainability Week 2023, where he reiterated the country's
clean energy objectives and highlighted how its partnership with Masdar will
help in achieving them.

At ADSW, Masdar signed joint development agreements for onshore wind and solar
projects, and integrated offshore wind and green hydrogen projects, with a total
combined capacity of 4 gigawatts (GW). The projects are part of a larger
agreement with Azerbaijan's Ministry of Energy to develop a renewable energy
program on a bilateral basis, with a total capacity of 10 GW across multiple
technologies, one of the largest such signings in Azerbaijan's history.

Masdar is also developing the 230-megawatt Garadagh Solar PV Plant in
Azerbaijan. The plant will help to generate half a billion kilowatt-hours of
electricity annually, enough to meet the needs of more than 110,000 homes, and
will reduce emissions by more than 200,000 tonnes a year, while also creating
valuable jobs. Masdar announced financial close on the plant in August 2022.

For more information please visit: http://www.masdar.ae/ and connect:
facebook.com/masdar.ae and twitter.com/masdar

About Masdar

Abu Dhabi Future Energy Company (Masdar) is the UAE's clean energy champion and
one of the largest companies of its kind in the world, advancing the development
and deployment of renewable energy and green hydrogen technologies to address
global sustainability challenges. Established in 2006, Masdar is today active in
over 40 countries, helping them to achieve their clean energy objectives and
advance sustainable development. Masdar is jointly owned by Abu Dhabi National
Oil Company (ADNOC), Mubadala Investment Company (Mubadala), and Abu Dhabi
National Energy Company (TAQA), and under this ownership the company is
targeting a renewable energy portfolio capacity of at least 100 gigawatts (GW)
by 2030 and an annual green hydrogen production capacity of up to 1 million
tonnes by the same year.

Photo - https://mma.prnewswire.com/media/1995868/Masdar_Office_Baku.jpg

Logo - https://mma.prnewswire.com/media/1973446/Masdar_Logo.jpg

View original content: https://www.prnewswire.co.uk/news-releases/masdar-opens-o
ffice-in-azerbaijan-to-support-nations-clean-energy-objectives-301739132.html

Contact:

[e-mail]

Additional content: http://presseportal.de/pm/72928/5433755
OTS: Masdar, the Abu Dhabi Future Energy Company