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The renewables theme continues to dominate the news cycle as COP29 runs through to next week in Baku, with Abu Dhabi renewables giant Masdar inking its third agreement this week for a wind project in Asia, and Alcazar Energy inking an MoU for a wind farm in Egypt.
#1- 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 of offshore wind projects in Azerbaijan’s Caspian Sea, according to a statement. 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.
Masdar and Socar go way back: Masdar and Socar broke ground on 1 GW of solar and wind projects earlier in June, as part of a broader agreement to install 10 GW of clean energy projects — including onshore and offshore wind farms, solar farms and green hydrogen — in the Central Asian country.
ICYMI- Masdar inked agreements to develop 1 GW wind farms in Uzbekistan and Kazakhstan this week during COP29.
#2- Alcazar to develop 2 GW wind project in Egypt: Dubai’s Alcazar Energy Partners inked an MoU with the Egyptian Electricity Transmission Company and Egypt’s New and Renewable Energy Authority to develop a 2 GW onshore wind power project in Egypt, according to a statement.
The details: Once operational, the wind project will generate enough electricity to power over 1.3 mn households, preventing up to 4.7 mn tons of CO2 emissions annually. It is expected to create some 12.5k construction jobs and nearly 1.2k full-time operation jobs.
Alcazar is no stranger to Egypt: Alcazar set up the largest independent renewable energy project portfolio in the MENA region at the time in 2018, including five solar and two onshore wind projects across Jordan and Egypt with a total generation capacity of 411 MW, according to its website.
And it has been busy this year: The company invested USD 500 mn to build a 400 MW wind farm in North Macedonia earlier in June. Alcazar also secured a USD 490 mn final close on its renewable energy fund, Alcazar Energy Partners II, in May, expected to assist emerging markets in offsetting over 3 mn tonnes of greenhouse gas emissions annually.
