UAE's clean energy firm Masdar has signed an agreement with Turkmenenergo State Power Corporation to develop a 100-megawatt (MW) solar photovoltaic plant in Turkmenistan.

The agreement builds on an MoU signed between Masdar and the Turkmenistan government in October last year to explore the development of and investment in solar and wind power projects in the Central Asian country on a public-private partnership (PPP) basis.

Turkmenistan, which has  one of the largest gas reserves in the world, is well positioned to develop renewable power as it benefits from abundant annual sunlight levels and strong wind currents.

Turkmenenergo is the state authority responsible for the generation, transmission and distribution of electricity in the country.

Masdar has a portfolio of renewable energy assets with a combined value of more than $20 billion in over 40 countries and a total capacity of more than 15 GW of clean electricity-generating capacity. Last week it signed an agreement with Jordan to collaborate on renewable energy projects with a total capacity of up to 2 GW.

(Reporting by Brinda Darasha; editing by Seban Scaria)