12:27 - 3.02.2023

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February 3, Fineko/abc.az. A cooperation agreement has been signed between the State Oil Company of Azerbaijan (SOCAR) and ACWA Power (Saudi Arabia) within the Southern Gas Corridor Advisory Council.

ABC.AZ was informed at SOCAR that it is planned to increase the share of renewable energy sources in electricity generating capacities up to 30% by 2030 in Azerbaijan, as well as to reduce greenhouse gas emissions up to 40% by 2050.

This agreement will reduce greenhouse gas emissions in Azerbaijan, ensure sustainable economic development of renewable energy sources and the country.

ACWA Power, an influential company of Saudi Arabia in the field of renewable energy sources, is currently implementing a 240 MW wind farm project in Azerbaijan. It is assumed that the plant will generate 1 bn kWh of electricity a year, which will save about 220 million cu m of gas and reduce emissions into the atmosphere by more than 400,000 tons a year.