DUBAI — Abu Dhabi renewable energy firm Masdar has signed an agreement with Kyrgyzstan’s energy ministry to develop clean energy projects with a capacity to generate 1 gigawatt (GW), it said on Tuesday.
The pipeline of projects will start with a 200 megawatt solar photovoltaic plant scheduled to begin operations by 2026, Masdar said in a statement.
The company, established by UAE sovereign wealth fund Mubadala in 2006, recently announced a new shareholding structure where Taqa holds a 43% stake, Mubadala retained its 33% stake and Abu Dhabi’s National Oil Company ADNOC holds a 24% share.
Under the new structure, Masdar has a target to grow to at least 100 GW of renewable energy capacity, mostly wind and solar, by 2030 and grow its new green hydrogen business – hydrogen produced by splitting water into hydrogen and oxygen using renewable electricity – to an annual production capacity of up to 1 million tonnes by 2030.
Kyrgyzstan is looking to reduce its greenhouse gas emissions by 44% by 2030 and achieve carbon neutrality by 2050.
The Central Asian nation already produces around 90% of its electricity from clean energy sources, but almost exclusively from aging hydropower plants.
Under the agreement, Masdar will explore and invest in a wide range of renewable energy projects such as ground-mounted solar PV, floating solar PV, and hydropower projects, the statement said.
The UAE, which is preparing to host the COP28 climate conference next year, has a target to reach net zero by 2050. (Reporting by Maha El Dahan; Editing by Susan Fenton)