During Baku Energy Week, the State Oil Company of Azerbaijan Republic (SOCAR) and Masdar, a company from the United Arab Emirates, signed Shareholders’ Agreements for three renewable energy projects.
Minister of Economy of Azerbaijan and Chairman of the SOCAR Supervisory Board Mikayil Jabbarov, along with Minister of Industry and Advanced Technologies of the United Arab Emirates Sultan Ahmed Al-Jaber, attended the signing ceremony.
The agreements cover one wind and two solar power plant projects in Azerbaijan. During the signing ceremony, parties highlighted that the successful cooperation between SOCAR and Masdar in renewable energy aims to diversify energy sources, expand the use of alternative energy potential in Azerbaijan, and facilitate the energy transition. They also emphasized that this document will play a crucial role in achieving the goal of increasing the share of renewable energy in the installed electricity capacity to 30 percent by 2030.
Laying the foundations of three stations with a total capacity of 1 GW demonstrates Azerbaijan’s commitment to the energy transition for a greener world, especially as the host of COP29. The implementation of these projects will save approximately 2.3 billion kWh of electricity annually, preventing around 1 million tons of carbon emissions each year. Thus, the wind and solar power plant projects will make an invaluable contribution to sustainable development and align with the goals of Azerbaijan’s green agenda.
Source: www.socar.az