TODAY.AZ / Business

SOCAR & Masdar ink deal on joint dev't of renewable energy sources

16 January 2023 [09:59] - TODAY.AZ

On January 15, SOCAR (the State Oil Company of the Republic of Azerbaijan) and Masdar of the United Arab Emirates signed an agreement in Abu Dhabi on the joint development of offshore wind energy and hydrogen projects with a capacity of 2GW, as well as the joint development of solar photovoltaic energy projects with a capacity of 1GW and onshore wind energy with a capacity of 1GW, Azernews reports per SOCAR.

The event took place within the framework of the working visit of Azerbaijani President Ilham Aliyev to the United Arab Emirates.

By 2030, it is planned to increase the share of renewable energy sources in electricity generation in Azerbaijan by up to 30 percent, the company said.

"The agreements in question will further strengthen cooperation between the Republic of Azerbaijan and the United Arab Emirates, as well as reduce greenhouse gas emissions in Azerbaijan, develop renewable energy sources and sustainable economic growth of the country.

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


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