DUBAI: Abu Dhabi renewable energy firm Masdar has signed an agreement with Kyrgyzstan's energy ministry to develop clean energy projects with a capacity to generate 1 gigawatt, it said on Tuesday.
The pipeline of projects will start with a 200-megawatt solar photovoltaic plant scheduled to begin operations by 2026, Masdar said in a statement.
The company, established by UAE sovereign wealth fund Mubadala in 2006, recently announced a new shareholding structure where Taqa holds a 43 percent stake, Mubadala retained its 33 percent stake and Abu Dhabi's National Oil Co. holds a 24 percent share.
Under the new structure, Masdar has a target to grow to at least 100 GW of renewable energy capacity, mostly wind and solar, by 2030 and grow its new green hydrogen business — hydrogen produced by splitting water into hydrogen and oxygen using renewable electricity — to an annual production capacity of up to 1 million tonnes by 2030.
Kyrgyzstan is looking to reduce its greenhouse gas emissions by 44 percent by 2030 and achieve carbon neutrality by 2050.
The Central Asian nation already produces around 90 percent of its electricity from clean energy sources, but almost exclusively from aging hydropower plants.
Under the agreement, Masdar will explore and invest in a wide range of renewable energy projects such as ground-mounted solar PV, floating solar PV, and hydropower projects, the statement said.
The UAE, which is preparing to host the COP28 climate conference next year, has a target to reach net zero by 2050.