United Arab Emirates-based renewable energy company, Masdar, has inked joint development agreements with the State Oil Company of the Republic of Azerbaijan (SOCAR) to develop onshore wind and solar power capacity, integrated with offshore wind and green hydrogen projects, with a total combined capacity of 4 GW.
The agreements were inked on the sidelines of Abu Dhabi Sustainability Week, a worldwide platform to accelerate sustainable development organised by Masdar. In June 2022, Masdar signed implementation agreements with Azerbaijan’s Ministry of Energy to develop a renewable energy program on a bilateral basis, with a total capacity of 10 GW. The current joint development agreements set out the collaboration and partnership principles between the parties for the development of the first phase of the program, with a total capacity of 4 GW. The projects are a part of Azerbaijan’s goal to meet 30 per cent of its domestic energy needs from renewables by 2030, as the country aims to reduce emissions of greenhouse gases. Notably, the 230 MW Garadagh solar power plant in Azerbaijan, which will produce 500 million kWh of electricity annually, is currently being built by Masdar.