SOCAR and Masdar sign shareholders' agreement for three projects
Nazrin Abdul
Read moreAs part of the Baku Energy Week, the State Oil Company of the Azerbaijan Republic (SOCAR) and the United Arab Emirates' "Masdar" company inked Shareholders' Agreements for three renewable energy projects, Azernews reports.
The signing ceremony, graced by Azerbaijan's Minister of Economy and Chairman of SOCAR's Supervisory Board, Mikayil Jabbarov and the UAE's Minister of Industry and Advanced Technologies, Sultan Ahmed Al-Jabir marked a significant milestone.
These agreements encompass one wind and two solar power plant projects within Azerbaijan. Emphasizing the joint endeavor's aim to diversify energy sources, leverage alternative energy potential and facilitate the energy transition, the ceremony highlighted the pivotal role these collaborations play.
Notably, the document sets a clear path towards achieving the goal of 30 percent renewable energy in the country's installed electricity capacity by 2030.
With the foundation of three stations boasting a collective capacity of 1 GW, Azerbaijan solidifies its commitment to a green energy transition, particularly significant as the host of COP29.
Furthermore, the implementation of these projects is projected to save approximately 2.3 billion kWh of electricity annually, preventing the emission of roughly 1 million tons of carbon emissions each year.
Thus, these wind and solar power initiatives stand as vital contributors to sustainable development, aligning closely with our nation's green agenda.
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