BAKU, Azerbaijan, January 18. Azerbaijan sees bright prospects for cooperation with its partners in the field of renewable energy, Elnur Soltanov, Deputy Minister of Energy of Azerbaijan told trend .

According to Soltanov, an ongoing solar power plan project of the UAE's Masdar, as well as a 240 MW Khizi-Absheron wind power plant, implemented by Saudi Arabia's ACWA Power will show the outcomes of this partnership very soon.

“For example, the electricity from the Garadagh solar power plant project with a capacity of 230 MW, implemented by Masdar, will be produced this year already,” he said.

He noted, that the same is happening in the field of offshore wind development, however, this will take more time.

“This is about the trust between the leaderships of Azerbaijan and the UAE, as well as Saudi Arabia. Price is very important in this regard. Many of these projects are conditional on their price. At the same time, we believe that many great things will come out from our cooperation,” the deputy minister said.

Soltanov added that the agreement signed between the State Oil Company of Azerbaijan (SOCAR) and Masdar is a very promising initiative.

“We are very glad that SOCAR is entering this agreement as an economic partner, becoming part of the deal, as we, Ministry of Energy, have signed already. We are really looking forward to see the results of this cooperation,” he said.

Meanwhile, within the framework of the working visit of President of Azerbaijan Ilham Aliyev to the UAE on January 15, 2023, the State Oil Company of Azerbaijan (SOCAR) and the UAE's Masdar company signed an Agreement on the joint development of offshore wind energy and hydrogen projects with a capacity of 2 GW, as well as joint development of 1 GW solar photovoltaic energy, and 1 GW onshore wind energy projects.

'These agreements will further strengthen cooperation between Azerbaijan and the UAE, as well as reduce greenhouse gas emissions in Azerbaijan, develop renewable energy sources and sustainable economic growth of the country. Masdar, which is the largest renewable energy company in the UAE, is currently implementing the 230 MW Garadagh Solar Power Plant project in Azerbaijan. The plant is expected to produce half a billion kWh of electricity annually and help reduce emissions by more than 200,000 tons per year,' SOCAR said in a statement.

In general, Azerbaijan plans to increase the share of renewable energy sources in electricity generation by up to 30 percent by 2030.

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