SOCAR & Masdar Signed Agreements on the Renewable Energy Sources Development

Within the framework of the President of the Republic of Azerbaijan Mr. Ilham Aliyev's business visit to the United Arab Emirates, the State Oil Company of the Republic of Azerbaijan (SOCAR) and the United Arab Emirates "Masdar" company signed a 2 GW Offshore Wind and Hydrogen contract in the Republic of Azerbaijan in Abu Dhabi. A Joint Development Agreement on the development of projects, as well as a Joint Development Agreement on the development of 1 GW Solar Photovoltaic and 1 GW Onshore Wind Projects were signed.

By 2030, it is aimed to increase the share of renewable energy sources in the electricity production capacity to 30% in Azerbaijan. The aforementioned Agreements will contribute to the further strengthening of cooperation between the Republic of Azerbaijan and the United Arab Emirates, as well as to the reduction of greenhouse gas emissions in Azerbaijan, renewable energy sources and sustainable economic development of the country.

Masdar, the largest company in the United Arab Emirates in the field of renewable energy, is currently implementing the 230 MW Garadagh Solar Power Plant project in Azerbaijan. The station is expected to produce half a billion kilowatt-hours of electricity annually and reduce emissions by more than 200,000 tons per year.