SOCAR, Masdar sign agreements on joint renewable energy sources dev’t

Within the framework of the working visit of President of Azerbaijan Ilham Aliyev to the UAE on January 15, 2023, the State Oil Company of Azerbaijan (SOCAR) and the UAE's Masdar company signed an Agreement on the joint development of offshore wind energy and hydrogen projects with a capacity of 2 GW, as well as joint development of 1 GW solar photovoltaic energy, and 1 GW onshore wind energy projects, Trend reports citing SOCAR.

"These agreements will further strengthen cooperation between Azerbaijan and the UAE, 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 UAE, is currently implementing the 230 MW Garadagh Solar Power Plant project in Azerbaijan. The plant is expected to produce half a billion kWh of electricity annually and help reduce emissions by more than 200,000 tons per year," SOCAR said in a statement.

Meanwhile, Azerbaijan plans to increase the share of renewable energy sources in electricity generation up to 30 percent by 2030.