SOCAR and Masdar sign a new agreement

11:02 - 16.01.2023


January 16, Fineko/abc.az. SOCAR and Masdar have signed agreements on joint development of renewable energy sources, ABC.AZ was informed at SOCAR.

On 15 January, as part of the working visit of President Ilham Aliyev to the UAE, an agreement on joint development between the SOCAR and Masdar (UAE) for the development of offshore wind and hydrogen projects with capacity of 2 GW in Azerbaijan, as well as solar photovoltaic systems with capacity of 1 GW and an agreement were signed on the joint development of wind energy projects on land.

SOCAR informs that by 2030 it is planned to increase the share of renewable energy sources in the power generation capacity in Azerbaijan up to 30%.

"The above-mentioned agreements will further strengthen cooperation between Azerbaijan and the UAE, as well as reduce greenhouse gas emissions in Azerbaijan, use renewable energy sources and sustainable economic growth of the country."

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