Masdar, one of the world’s leading renewable energy companies, has signed a joint development agreement (JDA) with Turkmenenergo State Power Corporation of the Ministry of Energy of Turkmenistan (Turkmenenergo), to develop a 100 megawatt (MWac) solar photovoltaic (PV) plant, which will be the company’s first project in the Central asian country.
The agreement builds on a MoU signed between Masdar and the Turkmenistan government in October 2021 to explore the development of and investment in solar and wind power projects in Turkmenistan on a public-private partnership (PPP) basis.
The agreement was signed by Masdar Chief Executive Officer Mohammed Jameel Al Ramahi and Deputy Chairman of the Cabinet of Ministers of Turkmenistan HE Charymurat Purchekov at a ceremony held at the UAE-Turkmenistan Business Forum in Abu Dhabi.
The JDA signing was witnessed by Serdar Berdymukhammedov, President of Turkmenistan, and HE Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade.
Deputy Chairman of the Cabinet of Ministers of Turkmenistan Charymurat Purchekov said this agreement 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 has accumulated a large and rich experience.
"We thank Masdar for entering such an important agreement with us and look forward to long-term cooperation,” he stated.
Masdar CEO Mohammed Jameel Al Ramahi said: "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."
"We welcome the signing of the JDA and hope the 100 MWac project will be the first of many Masdar projects in Turkmenistan," he noted.
Turkmenistan is looking to modernize its energy infrastructure and reduce its dependence on hydrocarbons. While the nation has one of the largest gas reserves in the world, it also has multiple natural advantages for developing renewable energy resources, with abundant annual sunlight levels, and strong wind currents.-TradeArabia News Service