Masdar signs 1GW solar energy development project with Kyrgyz government

Apr 22, 2022
Abu Dhabi-based renewable energy company Masdar will seek to invest in the development of renewable energy projects of up to 1 gigawatt in Kyrgyzstan under an agreement with the Kyrgyz government. Masdar, also known as Abu Dhabi Future Energy Company PJSC, will seek investments in a variety of renewable energy technologies, including ground-mounted and floating solar photovoltaic (PV) and hydropower. The company said on Friday that it had signed a memorandum of understanding (MoU) with the Kyrgyz Republic's Ministry of Energy on the initiative. Masdar's potential investment is expected to enable Kyrgyzstan to achieve its 44 percent reduction in carbon dioxide emissions and its carbon neutrality 2050 goals. The Central Asian country gets 90 percent of its electricity from clean energy, mostly from aging hydropower plants. Abdulla Zayed, head of development and investment in Asia at Masdar, said: "Kyrgyzstan has great potential to develop a wider range of clean energy, including solar and floating solar, which will lead to greater energy security, and support better management of water resources.” Masdar has renewable energy investments in 40 countries worth more than $20 billion (about 1.85 billion euros), the company's 2021 sustainability report shows. The projects it has invested in, both installed and under development, exceed 15GW. Last month, it launched construction of a 230-megawatt solar power plant in Azerbaijan. (1.0 USD = 0.927 EUR)