Arab Masdar enters the alternative energy market of Turkmenistan
“Turkmenenergo” and one of the world's leading companies in the field of renewable energy, the Arab Masdar, signed an agreement on cooperation on a 100 MW solar photovoltaic plant project, which will be the company's first project in Turkmenistan.
The signing ceremony was attended by President of Turkmenistan Serdar Berdimuhamedov and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi. The agreement was signed by Masdar Chief Executive Officer Mohammed Jamil Al-Ramahi and Deputy Chairman of the Cabinet of Ministers of Turkmenistan Charymyrat Purchekov as part of the UAE-Turkmenistan business forum in Abu Dhabi.
The agreement is based on a Memorandum of Understanding signed between Masdar and the government of Turkmenistan in October 2021 to explore development and investment opportunities for solar and wind energy projects in Turkmenistan based on a public-private partnership.
“This document 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 Masdar has accumulated rich experience. We look forward to long-term cooperation,” said Charymyrat Purchekov.
“As a global leader in renewable energy with many projects in Central Asia, Masdar has the necessary knowledge and experience to support the development of the renewable energy sector in Turkmenistan. We welcome the signing of the agreement and hope that the 100 MW project will be the first of many Masdar projects in Turkmenistan,” said Mohammed Jameel Al Ramahi.
Turkmenistan is seeking to modernize its energy infrastructure and reduce its dependence on hydrocarbons. While the country has some of the largest gas reserves in the world, it also has many natural advantages for developing renewable energy, with abundant annual sunshine and strong winds.
“Turkmenenergo» is the state body responsible for the production, transmission and distribution of electricity in Turkmenistan.
Masdar, a renewable energy company based in Abu Dhabi, is owned by Mubadala Investment Company, a strategic investment company of the Government of Abu Dhabi. Today Masdar operates in 40 countries including the UAE, Jordan, Saudi Arabia, Mauritania, Egypt, Morocco, UK, USA, Australia, Spain, Serbia, India, Indonesia, Uzbekistan and many others.
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