Masdar, SOCAR to co-develop 4 GW of renewable energy projects
Date
January 20, 2023
Type
Projects
Subtype
MOU signature
Countries
Azerbaijan
United Arab Emirates
Subsectors
Photovoltaic
Onshore Wind
Offshore Wind
Hydrogen
Contracting Authorities
Ministry of Energy of the Republic of Azerbaijan
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Masdar and the State Oil Company of the Republic of Azerbaijan (SOCAR) have signed collaborative development agreements for 4 GW of renewable energy projects in the country. The portfolio includes solar and onshore wind as well as the offshore wind with green hydrogen integration.
In June 2022, Masdar inked implementation agreements with the Ministry of Energy of Azerbaijan to construct a bilateral renewable energy initiative with a total capacity of 10 GW across various technologies.
As part of its efforts to diversify its economy and reduce greenhouse gas emissions, Azerbaijan has set a national goal of providing 30% of its domestic power needs from renewable energy sources by the year 2030.
