Masdar, one of the world’s leading renewable energy companies, announced today that it has signed a Memorandum of Understanding (MoU) with the Kyrgyz Republic’s Ministry of Energy to explore the development of renewable energy opportunities in the Central Asian nation and support Kyrgyzstan’s clean-energy objectives.
Bekmurzaev Doskul Djumagulovich, Minister of Energy of the Kyrgyz Republic and Abdulla Zayed, Head of Development and Investment, Central Asia and Russia, at Masdar, signed the MoU in Bishkek, the nation’s capital.
Under it, Masdar will explore the development of investment in a range of renewable energy projects, including ground-mounted solar photovoltaic (PV), floating solar PV and hydropower projects, with a potential capacity of up to 1 gigawatt (GW).
“Masdar is ready to support Kyrgyzstan’s efforts to diversify its energy sources, cut greenhouse gas emissions and deliver carbon-free development by 2050. 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,” said Abdulla Zayed.
“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. We also welcome the opportunity to extend our presence in Central Asia, which we see as an area of strategic importance for us,” he added.
Kyrgyzstan is targeting reducing greenhouse gas emissions by as much as 44 per cent by 2030, and achieving carbon neutrality by 2050.
While the country already generates around 90 per cent of its electricity from clean energy resources, this is almost exclusively from aging hydropower plants. By tapping the country’s high irradiation levels, Kyrgyzstan could enhance energy security while also managing its water resource levels, which are being diminished by climate change.
Masdar, one of the world’s leading renewable energy companies, is continuing to strengthen its support for global climate action, with the capacity of its clean energy project portfolio rising 40 per cent in 2021.
The electricity generation capacity of all projects Masdar has invested in – either installed or under development – increased from 10.7 gigawatts (GW) to over 15 GW in 2021, according to the company’s 2021 Annual Sustainability Report. The company’s operating clean energy portfolio displaced almost 7.5 million tonnes of CO2 last year, a 38 per cent rise on 2020.
“Since we were founded in 2006, Masdar has been a key contributor to climate change mitigation and net-zero efforts, both here in the UAE and globally. In the year that the UAE unveiled its pioneering Net Zero by 2050 Strategic Initiative and was given the honour of hosting the COP28 climate conference, I am proud that we were able to continue our positive impact and help bring the UAE closer to its net-zero carbon objectives,” said Mohamed Jameel Al Ramahi, CEO, Masdar. “Masdar is committed to leading by example – reflected in both our achievements and in our positive communication on the importance of sustainability. Our ninth annual report provides clear and concise information about our own sustainability philosophy, and offers an overview of our activities and achievements throughout 2021, as we marked our 15-year anniversary.”
The report, which covers Masdar’s operations in the UAE and overseas, has been prepared in accordance with Global Reporting Initiative (GRI) Standards: Core Option. It discloses Masdar’s impact in 2021, amidst the COVID-19 pandemic, examining KPIs across sustainable finance and innovation, environmental and social contributions, human capital, and governance.
During 2021, Masdar entered new markets including Azerbaijan, Armenia, Georgia, Greece, Iraq and Poland, extending its renewable energy investments to over 40 countries with a combined value of more than US$20 billion. Last December, it was announced that three of the UAE’s energy giants – ADNOC, TAQA and Mubadala – will partner under the Masdar brand to form a clean energy powerhouse with a combined current, committed, and exclusive capacity of over 23 GW of renewable energy, with the expectation of reaching over 100 GW.
“Masdar and our sustainability mission will scale even greater heights going forward. With our new shareholders and structure in place, we are looking to significantly grow our global clean energy capacity. In doing that, we pledge to further strengthen our ESG credentials while increasing our contribution to the United Nations Sustainable Development Goals in line with the UAE’s own efforts,” Al Ramahi added.
In spite of the pandemic, Masdar City, Abu Dhabi’s only planned and approved R&D cluster and a leading hub for innovation, hit the milestone of more than 1,000 businesses operating in the Free Zone and achieved a 99 percent occupancy in commercial assets.
