The joint development agreements come in line with SOCAR’s intentions of pursuing Azerbaijan national targets of producing 30% of its domestic power needs from renewable energy sources by 2030.

Having recently announced a new shareholding structure with a strong focus on green hydrogen, Masdar aims to achieve 100GW of renewable energy capacity and one million tonnes of green hydrogen production per year by 2030.

Read more: Abu Dhabi partners take up stakes in Masdar with plans to boost green hydrogen and renewables portfolio

The latest agreements build off implementation agreements signed between Masdar and Azerbaijan’s Ministry of Energy to develop a renewable energy programme on a bilateral basis of 10GW across multiple technologies.

Signed against the backdrop of Abu Dhabi Sustainability Week, Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate and Chairman of Masdar said the agreements would strengthen the relationship between the United Arab Emirates and Azerbaijan.

Al Jaber added the agreements are “a testament to our shared commitment to diversifying our energy mix and developing low- and zero-carbon solutions.”

Masdar has made renewed commitments to hydrogen in recent months. Earlier this week it signed an agreement alongside the Port of Amsterdam, SkyNRG, Evos Amsterdam, and Zenith Energy to explore green hydrogen exports from Abu Dhabi to the Netherlands.

Read more: Consortium to explore green hydrogen exports from Abu Dhabi to Port of Amsterdam

Additionally, a Masdar-led consortium in November (2022) signed a framework agreement with Egyptian organisations to develop a 2GW green hydrogen project in the Suez Canal Economic Zone (SCZONE).

Read more: Masdar-led consortium signs agreement to develop 2GW hydrogen project in Suez Canal Economic Zone

The agreement came as port of two Memorandums of Understanding (MoUs) for the development of two green hydrogen projects in Egypt with a target of establishing 4GW of electrolysers by 2030.