Masdar, Azerbaijan ink 1GW renewables deal
- Admin
- Jun 4, 2024
- 1 min read
Masdar and State Oil Company of the Republic of Azerbaijan (SOCAR) signed a Shareholder Agreement for three wind and solar projects totalling 1GW in Azerbaijan. The projects include a 445MW solar scheme in Bilasuvar, a 315MW solar scheme in Neftchala, and a 240MW wind project in the Absheron-Garadagh region. The signing was witnessed by HE Mikayil Jabbarov, Minister of Economy for the Republic of Azerbaijan, and HE Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President. These projects are part of Masdar’s 10GW pipeline supporting Azerbaijan’s goal to generate 30% of its energy capacity from renewable power by 2030.
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