Masdar, Azerbaijan's SOCAR Indication Deal to Develop 4 GW Renewable Energy Projects

Jan 18, 2023 12:02 PM ET
  • Both firms will certainly develop onshore wind and solar projects, and likewise incorporated offshore wind as well as green hydrogen projects.
  • Masdar stated that its currently developing the 230-MW Garadagh Solar PV Plant in Azerbaijan.

Expanding its currently established-role in Central Asia, UAE flagship company creating renewable energy, Masdar has actually revealed new deal with the State Oil Company of the Republic of Azerbaijan (SOCAR) to develop onshore wind as well as solar projects. Masdar will additionally develop incorporated offshore wind and also green hydrogen projects. The total mixed capacity of projects has actually been announced to be 4 GW.

The agreements were signed by Masdar chief executive officer Mohamed Jameel Al Ramahi as well as SOCAR President Rovshan Najaf on the sidelines of Abu Dhabi Sustainability Week.

Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and also Advanced Technology, COP28 President-Designate, claimed, "These agreements will offer to enhance the currently effective relationship between the United Arab Emirates and also the Republic of Azerbaijan, and are a testament to our shared commitment to diversifying our energy mix as well as establishing reduced- as well as zero-carbon services. "

Mohammed Jameel Al Ramahi, said, "This finalizing marks a milestone on the development and also shipment of a considerable partnership that will certainly advance Azerbaijan's renewable energy goals and also sustain its ongoing sustainable economic development."

In June, 2022, Masdar signed implementation agreements with Azerbaijan's Ministry of Energy to establish a renewable energy program on a bilateral basis, with a total capacity of 10 GW across multiple technologies. The joint development agreements laid out the cooperation and partnership principles between the parties for the development of the first phase of the program, with a complete capacity of 4 GW.

Masdar claimed that its already creating the 230-MW Garadagh Solar PV Plant in Azerbaijan that will certainly generate half a billion kilowatt-hours of electrical power each year, sufficient to meet the needs of more than 110,000 homes and will decrease emissions by more than 200,000 tonnes a year.

A week back, Masdar authorized an agreement with Kyrgyzstan, an additional Central Asian state, to create a pipe of renewable energy projects of as much as 1 gigawatt (GW) capacity; beginning with a 200-MW solar power project.

SOCAR is an integrated national oil as well as gas company supporting the energy security of Azerbaijan. The country is seeking a national target of producing 30 percent of its domestic power requires from renewable energy sources by 2030.

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