Masdar Signs Agreement with Kyrgyzstan to Develop 1GW Renewable Projects

The Central Asian economies are looking to diversify their energy basket in order to reduce their carbon emissions and reduce dependence on fossil fuels which are mostly imported. In the latest development, United Arab Emirates based clean energy company Masdar has signed a memorandum of understanding (MoU) with the Ministry of Energy of Kyrgyzstan in capital Bishkek where the company will be investing in renewable energy of 1GW in the Central Asian country.

Kyrgyzstan wants to reduce 44% of its greenhouse gas emissions by 2030. The country also has plans to ensure that by 2050 it becomes carbon neutral.

The 1GW agreement was signed by Bekmurzaev Doskul Djumagulovich, Kyrgyz Republic Minister of Energy and Abdulla Zayed, Head of Masdar in Central Asia and Russia Development and Investment.

Abdulla Zayed said on signing of the pact, “Masdar is ready to support Kyrgyzstan’s efforts to diversify its energy sources, cut greenhouse gas emissions and deliver carbon-free development by 2050.”

He also stated that Kyrgyzstan has abundant potential to develop a wider range of clean energy resources, including solar and floating solar, which will deliver greater energy security and support better management of water resources.

“Masdar has been a catalyst for energy transition in more than 40 countries around the world, and we look forward to leveraging our extensive experience in both ground-mounted PV and floating solar PV projects to drive sustainable development in Kyrgyzstan,” he added. At present, Kyrgyzstan is producing about 90 per cent of its electricity from renewable sources of energy. Hydropower energy is dominant in the energy basket of the Central Asian country. .

Now Masdar targets to explore and invest in several RE projects in Kyrgyzstan like ground-mounted solar PV, floating solar PV and also hydropower.

Masdar has also signed four agreements with Azerbaijan where Masdar will invest in the installation of a 230 MW solar power plant in Garadagh, Baku. Masdar also signed a MoU with Japan’s Cosmo Energy Holdings for the development of offshore wind projects.

Masdar is present in 30 countries with an investment portfolio of about $20 billion.