Masdar's 1 MW solar PV plant in the Solomon Islands. Masdar is aiming to reach a capacity of at least 100 gigawatts by 2030 as it continues to boost its clean energy portfolio. Photo: Masdar
Masdar's 1 MW solar PV plant in the Solomon Islands. Masdar is aiming to reach a capacity of at least 100 gigawatts by 2030 as it continues to boost its clean energy portfolio. Photo: Masdar
Masdar's 1 MW solar PV plant in the Solomon Islands. Masdar is aiming to reach a capacity of at least 100 gigawatts by 2030 as it continues to boost its clean energy portfolio. Photo: Masdar
Masdar's 1 MW solar PV plant in the Solomon Islands. Masdar is aiming to reach a capacity of at least 100 gigawatts by 2030 as it continues to boost its clean energy portfolio. Photo: Masdar

Masdar reaches financial close on 230-megawatt Azerbaijan solar project


Fareed Rahman
  • English
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Abu Dhabi's clean energy company Masdar has achieved a financial close on its 230-megawatt Garadagh solar power plant in Azerbaijan as the company continues to boost its renewables portfolio across the globe.

The new plant that will generate half a billion kilowatt-hours of electricity annually — enough to meet the needs of more than 110,000 homes — is the country’s first foreign investment-based independent solar power project and Masdar’s first venture in the central Asian republic, Masdar said in a statement on Tuesday.

The $200 million project is co-financed by the Abu Dhabi Fund for Development, the Asian Development Bank, the European Bank for Reconstruction and Development, and Japan International Co-operation Agency. It is expected to start operations in 2023.

“In line with the national priority on 'A clean environment and country of green growth', our country has ambitious plans about utilisation of its ample renewable energy potential and we are confident that this solar power project will be a great trailblazer for future projects in the field of green energy,” Azerbaijan’s energy minister Parviz Shahbazov said.

Azerbaijan, which largely relies on natural gas to meet its energy needs, plans to increase its installed power capacity to 30 per cent from renewable sources by 2030, in an effort to diversify its economy and reduce greenhouse gas emissions.

The country is developing several clean energy projects. In January, Saudi Arabia's Acwa Power and Azerbaijan's energy ministry started work on a $300m, 240-megawatt wind power station.

“The Garadagh project will serve as a benchmark for Azerbaijan’s clean energy journey, with the nation committed to transforming its energy sector and driving sustainable development,” Mohamed Al Ramahi, chief executive of Masdar, said.

Masdar, which currently operates in more than 30 countries with a total investment of about $20 billion, is targeting to reach a capacity of at least 100 gigawatts by 2030 after growing its portfolio by 40 per cent last year.

In June, Abu Dhabi National Energy Company, known as Taqa, Abu Dhabi National Oil Company and Mubadala Investment Company entered into binding agreements that will see Taqa and Adnoc acquire stakes in Masdar from Mubadala.

As part of the deal, Taqa will acquire a 43 per cent controlling stake in Masdar’s renewables business, with Mubadala retaining a 33 per cent interest and Adnoc owning the remaining 24 per cent interest.

In Masdar’s new green hydrogen joint venture, Adnoc will hold a 43 per cent controlling stake, Mubadala will retain a 33 per cent interest and Taqa will hold a 24 per cent share.

Masdar has also signed agreements with Azerbaijan’s Ministry of Energy to develop clean energy projects with a combined capacity of 4 gigawatts in the first phase, with the right to develop an additional 6 gigawatts in the second phase.

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Stars: Ryan Reynolds, Adria Arjona, Dave Franco

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Friday, April 12, Malaysia v UAE
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Aryan Lakra (captain), Aaron Benjamin, Akasha Mohammed, Alishan Sharafu, Anand Kumar, Ansh Tandon, Ashwanth Valthapa, Karthik Meiyappan, Mohammed Faraazuddin, Rishab Mukherjee, Niel Lobo, Osama Hassan, Vritya Aravind, Wasi Shah

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Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

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What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

Updated: August 02, 2022, 2:05 PM`