Gulf Business magazine has highlighted the major renewable energy agreements inked a couple of days ago between Azerbaijan and the United Arab Emirates (UAE), Trend reports.
The article published by Gulf Business says that clean energy company Masdar has signed joint agreements with the State Oil Company of the Republic of Azerbaijan (SOCAR), on the sidelines of Abu Dhabi Sustainability Week (ADSW).
"SOCAR, an integrated national oil and gas company, supports the energy security of Azerbaijan. The agreements will cover the development of onshore wind and solar projects, and integrated offshore wind and green hydrogen projects, with a total combined capacity of 4 gigawatts (GW). Azerbaijan is pursuing a national target of producing 30 percent of its domestic power needs from renewable energy sources by 2030, as the country looks to diversify its economy and reduce greenhouse gas emissions. Masdar, which is key to the UAE’s Net Zero by 2050 Strategic Initiative, has a goal of achieving 100 GW of renewable energy capacity and green hydrogen production of one million tonnes per annum annually by 2030," reads the article.
Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, COP28 President-Designate, and chairman of Masdar, has said that 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."
Mohamed Jameel Al Ramahi, CEO of Masdar, for his part, noted that the company 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," he added.
In June last year, 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 across multiple technologies, one of the largest such signings in Azerbaijan’s history.
The joint development agreements set out the collaboration and partnership principles between the parties for the development of the first phase of the programme, with a total capacity of 4 GW. Masdar is also developing the 230-megawatt Garadagh Solar PV Plant in Azerbaijan. The plant will help to generate half a billion kilowatt-hours of electricity annually, enough to meet the needs of more than 110,000 homes and reduce emissions by more than 200,000 tonnes a year, while also creating valuable jobs.