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Major regional players continue to dominate the news cycle coming out of COP29 in terms of agreements, with Masdar and Acwa Power taking the lead on lining up new projects in Central Asia. Here’s a roundup of new signatures at the summit since last week…
MASDAR IS ON A ROLL-
Masdar to develop 3.5 GW wind projects in Azerbaijan: Masdar, Azerbaijan’s Socar, and Saudi Arabia’s Acwa Power signed an MoU to develop 3.5 GW worth of offshore wind projects in Azerbaijan’s Caspian Sea, according to a statement released last week. The project will establish Azerbaijan’s first offshore wind farms, supporting the country’s renewable energy, green hydrogen, and water desalination goals on its path to net-zero emissions by 2050.
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Not its first rodeo in the region: Masdar and Socar broke ground on 1 GW of solar and wind projects earlier in June, as part of a broader agreement aiming to install 10 GW of clean energy projects — including onshore and offshore wind farms, solar farms and green hydrogen — in the Central Asian country. The company also inked agreements to develop 1 GW wind farms in Uzbekistan and Kazakhstan last week.
Financing is lining up: Masdar and Socar Green — the renewables subsidiary of Azerbaijan’s state-owned oil company Socar — have secured over USD 600 mn in financing for two solar projects in Azerbaijan, according to a press release.
Where’s the money coming from? The financing is supported by the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB). The exact breakdown of the contributions is unclear, but we know ADB is contributing a financing package totaling USD 160 mn, the bank said in a statement on Saturday.
IN OTHER MASDAR UPDATES- The company is moving quickly on its 1 GW wind farm in Kazakhstan, securing a Power Purchase Agreement (PPA) for the project with the Financial Settlement Centre for Renewable Energy Sources Support on Saturday, just a few days after signing the investment agreement, according to a statement released on Saturday.
About the plant: Once completed, the plant is expected to produce enough power for 300k homes and offset two mn tons of emissions annually. The new facility — located in the Jambyl region in south Kazakhstan — will feature a 600 MWh battery energy storage system. Construction is set to commence in 1Q 2026.
SAUDI IS ALSO MAKING A SPLASH-
Saudi Arabia forge strategic partnership for renewable energy cooperation: KSA’s Energy Minister Abdulaziz bin Salman signed a joint executive program with his counterparts from Azerbaijan, Kazakhstan, and Uzbekistan to establish a strategic partnership in renewable energy and regional grid interconnection, according to a statement released last week. The quadrilateral agreement will focus on enhancing renewables’ integration into the grids, as well as assessing and identifying investment opportunities in regional grid interconnection projects, battery storage systems, and energy efficiency.
SEC will boost regional green energy integration: Saudi Electricity Company (SEC) signed an MoU with its national grid companies counterparts in Kazakhstan, Uzbekistan, and Azerbaijan to enhance renewable energy integration and explore possible investment opportunities, according to a statement published last week. The MoU will particularly focus on assessing the “Green Corridor” regional interconnection transmission projects that span the Black Sea and Caspian Sea regions.
A comprehensive clean energy framework is coming: The Saudi Energy Minister and Azerbaijan’s Energy Minister also signed a comprehensive energy cooperation roadmap. The agreement outlines key priority projects in renewable energy, carbon capture, clean hydrogen, energy efficiency, supply chain resilience, and trade in petrochemical and refined products.
Major projects are in play: Acwa Power inked a two-year Implementation Agreement with Uzbekistan’s Ministry of Energy to develop 2 GWh of Battery Energy Storage Systems (BESS) in the country, according to a press release. Under the agreement, Acwa receives priority for the BESS developments, allowing the company to provide competitive tariffs. The contract may be extended if agreed to by both parties.
