Tahnoon bin Zayed and President of Azerbaijan witness Masdar agreement to explore new renewable energy projects and round-the-clock power opportunities
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Masdar signs collaboration agreement with AGEC during visit to Azerbaijan of His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and National Security Adviser
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Masdar will explore new renewable energy projects in Azerbaijan, including 350MW expansion of Masdar’s landmark Garadagh Solar PV project and addition of battery energy storage
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• Masdar to also explore development of a 100MW round-the-clock renewable energy project, building on its pioneering RTC project in Abu Dhabi
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Masdar and SOCAR Green announce financial close for 315MW Neftchala Solar PV project
In the presence of His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and National Security Adviser, and His Excellency Ilham Aliyev, President of the Republic of Azerbaijan, Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, signed a collaboration agreement with Azerbaijan Green Energy Company (AGEC) to explore the development of new renewable energy projects in Azerbaijan. Masdar and SOCAR Green also announced they have reached financial close on the 315MW Neftchala Solar PV project.
The collaboration agreement includes plans to explore the potential expansion of Masdar’s 230-megawatt (MW) Garadagh Solar PV by a minimum of 350MW, together with the addition of a battery energy storage system (BESS) of up to 200 megawatt-hours (MWh).
Masdar and AGEC will also explore the development of a 100MW round-the-clock (RTC) renewable energy project. The project would build on Masdar’s pioneering work in Abu Dhabi, where it is developing a world-first US$6.1 billion gigascale RTC renewable energy project.
The agreement was signed by His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, and Khayala Naghiyeva, Deputy Chairman of the Executive Board of AGEC.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said:
Garadagh established a strong foundation for Masdar in Azerbaijan and demonstrated our ability to deliver large-scale renewable energy projects successfully. This agreement with AGEC gives us the opportunity to build on that track record by expanding the project, integrating battery storage and exploring round-the-clock renewable power. By combining our development, technical and operational expertise, we aim to deliver reliable, flexible energy solutions that support Azerbaijan’s growing power needs.
Mir Jamal Pashayev, Chief Executive Officer of Azerbaijan Green Energy Company, said:
AGEC represents our long-term commitment to supporting Azerbaijan’s transition toward a more diversified, secure and sustainable energy future. We believe that the development of renewable energy is not only an investment opportunity, but also an important contribution to the country’s economic resilience, energy security and future generations. We see significant potential for collaboration with leading global energy companies, and we are particularly pleased to explore opportunities for cooperation with Masdar, one of the world’s leading renewable energy companies. We believe that combining international expertise with Azerbaijan’s strong renewable energy potential can accelerate the development of high-quality projects. Through AGEC, we are committed to supporting the development of high-quality renewable energy projects and building strong partnerships that create lasting value for Azerbaijan.
Khayala Naghiyeva, Deputy Chairman of Executive Board of AGEC, said:
AGEC is pleased to partner with Masdar in advancing the next phase of Azerbaijan’s renewable energy development. This collaboration brings together Masdar’s global expertise and AGEC’s local investment and development capabilities to explore projects that can deliver not only additional clean energy capacity, but greater flexibility, reliability and energy security. The proposed expansion of the Garadagh Solar PV project and the exploration of round-the-clock renewable power in Nakhchivan represent an important step toward integrating renewable generation with energy storage and developing more resilient energy solutions for Azerbaijan. We look forward to turning these opportunities into bankable, high-impact projects that contribute to Azerbaijan’s long-term sustainable growth.
Neftchala financial close
Masdar and SOCAR Green, a wholly owned subsidiary of Azerbaijan’s SOCAR state oil company, are co-developing the Neftchala project, in collaboration with the Ministry of Energy. Financing is being provided by the Asian Infrastructure Investment Bank (AIIB), the European Bank for Reconstruction and Development (EBRD), and the Asian Development Bank (ADB).
The signatories were Dr Al Jaber, Mikayil Jabbarov, Minister of Economy of the Republic of Azerbaijan, and Parviz Shahbazov, Minister of Energy.
Located in the Neftchala district of Azerbaijan, the project is expected to generate more than 686 million kilowatt-hours of renewable electricity annually, enough to power around 140,000 homes, while avoiding approximately 280,000 tonnes of carbon emissions each year.
Pioneering renewable energy in Azerbaijan
Masdar has established a strong track record in Azerbaijan since entering the market with the Garadagh project, inaugurated in 2023. Garadagh, which was also Azerbaijan’s first foreign investment-based independent utility-scale solar power project, generates approximately 500 million kilowatt-hours (kWh) of electricity annually, enough to power more than 110,000 homes.
In addition to the Neftchala project, Masdar is also developing two other projects with SOCAR Green – the 445MW Bilasuvar solar project and the 240MW Absheron-Garadagh onshore wind project – taking Masdar’s total capacity in Azerbaijan to over 1.2GW.
Growing RTC experience
The proposed RTC development would draw on Masdar’s growing experience in combining renewable generation with large-scale battery storage to provide reliable and dispatchable electricity.
The gigascale RTC project in Abu Dhabi, which Masdar is developing with Emirates Water and Electricity Company (EWEC), combines a 5.2-gigawatt (GW) solar photovoltaic plant with a 19GWh BESS to deliver up to 1GW of baseload renewable power 24 hours a day. The project reached financial close in July 2026.
Masdar has a diversified portfolio of more than 65GW, spanning both established and high-growth renewable energy markets and covering the full spectrum of renewable technologies, including solar, onshore wind, offshore wind, battery energy storage and hybrid solutions. With a clear pathway to 100GW of renewable energy capacity by 2030, Masdar continues to expand its global platform through disciplined growth across priority markets, delivering reliable, affordable clean power to meet the world's rapidly growing electricity demand.
