UAE-based energy company Masdar has signed agreements with the State Oil Company of the Republic of Azerbaijan (SOCAR) for the development of 4GW of wind and solar power capacity integrated with green hydrogen projects.
The agreements were signed by officials on the sidelines of Abu Dhabi Sustainability Week, a global platform to expedite sustainable development, which was hosted by Masdar.
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As an integrated national oil and gas company, SOCAR works to improve Azerbaijan’s energy security.
Masdar CEO Mohammed Jameel Al Ramahi said: “Masdar sees Azerbaijan as a key strategic partner, one we are proud to support in its clean energy journey.
“This signing marks a milestone on the development and delivery of a significant collaboration that will advance Azerbaijan’s renewable energy goals and support its ongoing sustainable economic development.”
The projects are part of Azerbaijan’s goal to source 30% of its domestic power requirements from renewables by 2030.
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By GlobalDataThe country also aims to diversify its economy and reduce its greenhouse gas emissions.
Masdar is currently developing the 230MW Garadagh solar power plant in Azerbaijan, which will generate 500 million kilowatt-hours of electricity a year.
Last year, the firm signed agreements with the country’s Ministry of Energy for the development of a 10GW renewable energy programme.
UAE Minister of Industry and Advanced Technology, COP28 President-Designate and Masdar chairman Dr Sultan Ahmed Al Jaber said: “These agreements will serve to strengthen the already powerful relationship between the UAE and the Republic of Azerbaijan, and are a testament to our shared commitment to diversifying our energy mix and developing low and zero-carbon solutions.
“As global leaders gather here in the UAE for Abu Dhabi Sustainability Week, we are demonstrating the power of partnership and cooperation in advancing the inclusive energy transition and I look forward to seeing more announcements being made at ADSW.”
