Masdar to develop 100-megawatt solar photovoltaic plant in Turkmenistan

New agreement builds on Masdar-Turkmenistan's prior year pact for development of renewable energy projects

Masdar chief executive Mohamed Al Ramahi said the company has the right expertise to support Turkmenistan’s development of its renewable energy. Photo: Masdar
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Abu Dhabi’s clean energy company Masdar has signed a joint development agreement with Turkmenenergo State Power Corporation to develop a 100-megawatt solar photovoltaic plant in the Central Asian country.

Turkmenenergo, attached to Turkmenistan's Ministry of Energy, is the state authority responsible for the generation, transmission and distribution of electricity in the country.

The agreement builds on a deal signed between Masdar and Ashgabat in October last year to explore the development of and investment in solar and wind power projects in Turkmenistan on a public-private partnership basis.

“As a global leader in renewable energy with many projects across Central Asia, Masdar has the right expertise and experience needed to support Turkmenistan’s development of its renewable energy sector,” Masdar chief executive Mohamed Al Ramahi said.

Masdar has more than $20 billion of investments globally and is rapidly expanding its renewables portfolio as countries focus on cutting emissions to limit global warming.

This year, the company signed a number of new agreements to explore and develop renewable energy and green hydrogen projects after increasing its global clean energy portfolio capacity by 40 per cent in 2021.

Masdar aims to reach 100 gigawatts of renewable capacity in the next 10 years.

Earlier this month, it signed a preliminary agreement with Jordan’s Ministry of Energy and Mineral Resources to develop renewable energy projects in the kingdom.

“We hope that this document will mark the beginning of a new stage in the development of the electric power industry of Turkmenistan through the construction of solar and wind power plants, in which this company [Masdar] has accumulated a large and rich experience,” said Charymurat Purchekov, deputy chairman of the Cabinet of Ministers of Turkmenistan.

“We thank Masdar for entering such an important agreement with us and look forward to long-term co-operation,” he added.

Turkmenistan is looking to modernise its energy infrastructure and reduce its dependence on hydrocarbons.

While it has one of the largest gas reserves in the world, it also has several natural advantages for developing renewable energy resources, with abundant annual sunlight levels and strong wind currents.

Updated: November 24, 2022, 3:03 PM
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