Masdar will develop 1 GW of onshore wind and 1 GW of solar photovoltaic projects in Azerbaijan, along with offshore wind and green hydrogen projects with 2 GW of capacity, according to a statement. The news "underscores the UAE and Masdar's position as a global leader in renewable energy, as we progress our strategy toward a portfolio of at least 100 GW globally," Masdar Chairman Sultan al-Jaber said in the statement.

Masdar, in which Abu Dhabi National Oil Co. and sovereign wealth fund Mubadala Investment Co. have stakes, increased its clean energy portfolio by 40% to about 15 GW in 2021 and is targeting 50 GW by 2030. Since the start of 2022, Masdar has signed agreements for renewable energy and green hydrogen projects with a combined capacity of more than 10 GW.

"The agreement for onshore wind and solar projects includes measures to study and strengthen the network and implement processes for the export of electricity," Masdar said. "The second agreement includes measures to create wind power for production and export purposes, decarbonization, hydrogen production and export.

Masdar also said it signed a memorandum of understanding with the State Oil Co. of Azerbaijan Republic (SOCAR) for the joint development of renewable energy sources.

The UAE is targeting a 25% global market share of low-carbon hydrogen by 2030, has several hydrogen projects underway and is eyeing a large share of key export markets, including Japan, South Korea, and Germany, as well as other markets it identifies as being of "high potential" in Europe and East Asia.

Hydrogen UAE PEM electrolysis was assessed on June 3 at $6.4544/kg, unchanged on the day, according to assessments by Platts, part of S&P Global Commodity Insights.