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Masdar and SOCAR achieve financial close for 760MW solar projects in Azerbaijan

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Masdar and SOCAR Green have achieved financial close for two solar projects in Azerbaijan: the 445MW Bilasuvar plant and the 315MW Neftchala plant, with a combined capacity of 760MW. The total investment for the projects exceeds $600 million, funded by the European Bank for Reconstruction and Development, the Asian Development Bank, and the Asian Infrastructure and Investment Bank. The financial agreements were signed during the COP29 conference in November 2024 in Baku, Azerbaijan. Groundbreaking for…

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Masdar and KESH to explore renewable energy projects in Albania

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Masdar and Albania’s Korporata Elektroenergjitike Shqiptare (KESH) have signed a term sheet agreement to jointly explore gigawatt-scale renewable energy projects in Albania.  This collaboration will focus on developing, constructing, and operating solar, wind, and hybrid energy projects, with potential integration of battery storage to enhance Albania’s clean energy infrastructure. The generated energy will serve both domestic demand and exports to neighboring countries. This agreement marks a further step in Masdar’s global renewable energy expansion, with…

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Masdar and partners to develop 1GW wind farm with battery storage in Kazakhstan

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Masdar has signed an investment agreement with W Solar, Qazaq Green Power, and the Kazakhstan Investment Development Fund to develop a 1 GW wind farm in Kazakhstan’s Jambyl region, marking Masdar’s first project in the country. The project includes a 600 MWh battery storage system to enhance grid stability. Construction of the wind facility is set to begin in Q1 2026, supporting Kazakhstan’s energy transition goals to reach 15% renewable capacity by 2030 and 50%…

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Masdar, Sarawak Energy, and Gentari explore floating solar plant in Malaysia

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UAE’s Masdar has entered a joint study agreement with Sarawak Energy and Gentari to evaluate the feasibility of a floating solar power plant at the Murum Hydroelectric Plant reservoir in Sarawak, Malaysia. The study will assess the technical feasibility, environmental impact, and economic viability of the project. If implemented, the floating solar plant would strengthen Sarawak’s renewable energy capacity and set a regional example for floating solar solutions.  Sarawak Energy Group CEO Datuk Sharbini Suhaili…

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Masdar, EMSTEEL complete MENA’s first green hydrogen steel pilot project

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Masdar and UAE steelmaker EMSTEEL have announced the successful completion of a pilot project using green hydrogen to produce low-carbon steel at EMSTEEL’s Abu Dhabi facility. The project employs green hydrogen to reduce iron ore in the steelmaking process, a method that can lower carbon dioxide (CO₂) emissions by up to 95%. Now fully operational, the renewable hydrogen produced has been certified by Advance Labs per ISO 19870 standards for hydrogen, established during COP28. Additionally,…

Power Sector News Roundup for October 17, 2024

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Global: – World Bank approves USD 250 million for renewable energy in Lebanon– Masdar and Presight to launch AI tool for managing RE assets globally– Fugro to site investigate Rhein-Main-Link offshore wind cable project in Germany– Sumitomo and CEP Solar to deliver 1.5GW of clean energy projects in Virginia– Ignitis Group to bid in Lithuania’s second offshore wind tender – Quinbrook signs offtake agreements with Tesco and Shell for Cleve Hill Solar Park– VNG AG…

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Masdar and Presight to launch AI tool for managing assets globally

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UAE-based Masdar has teamed up with Presight to create an AI-driven asset management tool aimed at optimising its global renewable energy projects.  The tool will leverage big data analytics and generative AI to process billions of data points generated by Masdar’s solar panels and wind turbines. This collaboration seeks to enhance operational efficiency, predict maintenance needs, and boost renewable energy production by shifting from reactive to predictive maintenance strategies. Presight CEO Thomas Pramotedham emphasized the…

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Masdar expands in US with 50 per cent acquisition of Terra-Gen

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Masdar has successfully acquired a 50% share in Terra-Gen Power Holdings II, LLC, a leading independent renewable energy producer in the US. The acquisition was made from Energy Capital Partners, which fully divested its stake, while Igneo Infrastructure Partners retained its 50% interest in the company. Before this acquisition, Masdar had a strong portfolio of utility-scale wind, solar, and storage assets, with over 1.4 GW of generating capacity. Terra-Gen’s current operational portfolio spans 3.8 GW…

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Masdar to acquire Saeta Yield for $1.4bn, expanding its renewable energy footprint in Iberia

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United Arab Emirates-based clean energy company Masdar has announced plans to acquire Saeta Yield from Brookfield Renewable and its institutional partners for an enterprise value of $1.4 billion (€1.2 billion). Saeta Yield, an independent renewable power developer, owner, and operator, has a substantial portfolio of 745MW of wind and solar assets. This includes 538MW of wind power in Spain, 144MW in Portugal, and 63MW of solar photovoltaic assets in Spain, along with a 1.6GW development…

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Masdar and Taaleri Energia achieve financial close for Čibuk 2 wind farm in Serbia

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Masdar, in partnership with Taaleri Energia, has reached financial close for the 132 MW Čibuk 2 wind farm in Serbia, securing a €144 million debt facility from UniCredit and Erste (Erste Group and Erste Bank Serbia). The wind farm will power 62,000 households and offset 311,200 tonnes of carbon dioxide emissions annually. The project, developed by Masdar Taaleri Generation in collaboration with Serbian developer New Energy Solutions, will feature 22 Nordex 7 MW turbines. Nordex…