Masdar expands footprint in UAE real estate and Azerbaijan renewables

Aldar and Mubadala Investment Company have expanded their real estate presence in Masdar City through the AED 918 million acquisition of Masdar City Square. The complex consists of seven office buildings totaling over 47,000 square meters of net leasable area and maintains a 99% occupancy rate, hosting tenants such as TAQA and the Mohamed bin Zayed University of Artificial Intelligence.

In the renewable energy sector, Masdar is significantly expanding its operations in Azerbaijan. A collaboration agreement with the Azerbaijan Green Energy Company aims to expand the existing Garadagh Solar PV project by at least 350MW and introduce a battery energy storage system of up to 200MWh. Additionally, the companies are exploring a 100MW round-the-clock renewable energy project in Nakhchivan.

Furthermore, Masdar and SOCAR Green have announced the financial close for the 315MW Neftchala Solar PV project, which is being developed in partnership with Azerbaijan's Ministry of Energy.