Masdar implements several green energy projects in Azerbaijan

The Ministry of Energy hosted a pivotal meeting between delegations led by Minister Parviz Shahbazov and Sultan Ahmed Al-Jaber, Minister of Industry and High Technologies of the UAE and Chairman of the Board of Directors of "Masdar," Azernews reports.

Discussions centered on collaborative ventures in green energy projects, both on land and at sea, in partnership with Masdar. Additionally, the meeting addressed the involvement of state-owned enterprises in the upstream sector of both nations, alongside cooperation initiatives within the framework of COP29. Notably, the construction of 1000 MW solar and wind power plants was lauded as a joint endeavor to propel our countries towards a greener energy transition.

Concluding the session, several agreements were signed, including the "Addendum to the Investment Agreement" between the Ministry of Energy and "Azerenergy" OJSC and Masdar, pertaining to the 445 MW Bilasuvar, 315 MW Neftchala solar power plants, and the 240 MW Absheron-Garadagh wind power plant projects. These agreements encompassed the "Energy Purchase Agreement," "Transmission Network Connection Agreement," and "Land Lease Agreement."

Representing Azerbaijan, Minister Parviz Shahbazov and President of "Azerenergy" OJSC, Baba Rzayev, joined Chief Executive Director Muhammad Jamil Al-Ramahi from Masdar in signing the contracts, marking a significant step forward in bilateral energy cooperation.