Baku: Masdar's inaugural wind power plant project in Azerbaijan has entered the financing stage, marking a significant step in the company's renewable energy expansion efforts in the region. Currently, Masdar is developing two solar power plant projects in Azerbaijan with a combined installed capacity of 760 megawatts. Additionally, the 240-megawatt wind power plant project is underway, with ongoing negotiations with banks expected to resolve financial matters this year, as stated by Maryam Al Mazrouei, Head of Development and Investment for CIS countries at Masdar, to AZERTAC.

According to Azerbaijan State News Agency, Al Mazrouei described Azerbaijan as a strategically important country for both the United Arab Emirates and Masdar. She highlighted that Masdar's first investment in Azerbaijan, the 230-megawatt Garadagh Solar Power Plant, was launched in 2022. Al Mazrouei pointed out Azerbaijan's rich solar and wind energy potential, which contributes to Baku's reputation as the 'city of winds.' Azerbaijan aims to capitalize on its clean energy opportunities to export green energy to Europe, with the Ministry of Energy engaging in discussions with several regional countries.

Ongoing talks between Azerbaijan, Kazakhstan, and Uzbekistan focus on renewable energy exports. Al Mazrouei emphasized Azerbaijan's substantial opportunities for both domestic energy consumption and export, citing regions with robust solar energy potential, like Nakhchivan, and areas rich in wind energy resources. She also noted Masdar's negotiations with Azerbaijan to expand cooperation in renewable energy projects, mentioning plans for an 'around-the-clock' renewable energy generation project. This initiative, already launched in Abu Dhabi, is currently at the construction stage.