The Azerbaijani state oil company (SOCAR) and the United Arab Emirates company MASDAR signed an agreement to develop 4 gigawatts of wind and solar power plants in Azerbaijan during Sustainability Week in Abu Dhabi. However, this is only a short-term project. Medium-term projects will make it possible to increase capacity up to 10 gigawatts.

President Ilham Aliyev emphasised in his speech at a ceremonial opening event: “Our cooperation with MASDAR will transform Azerbaijan into a very important source of green energy exports. The memorandum of understanding and agreements signed by Azerbaijan with international energy companies will enable us to generate up to 22 gigawatts of wind and solar energy.”

By 2030, the share of renewable energy sources in Azerbaijan’s power generation capacity is expected to increase to 30%. The above agreements will contribute to the further strengthening of cooperation between the Republic of Azerbaijan and the United Arab Emirates, as well as to the reduction of greenhouse gas emissions in Azerbaijan, the development of renewable energy sources and sustainable economic development in the country.

Source: SOCAR