Masdar Talks Its Plan Of Activities In Azerbaijan

(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 17. The Masdar company (UAE) plans to implement various projects in Azerbaijan, Director of Masdar Azerbaijan Murad Sadikhov said, trend reports.

He made the remark at a panel discussion themed 'Green Hydrogen: State of Play and Application in Azerbaijan' as part of the 'Green Hydrogen: Path to Decarbonization' seminar.

In particular, he noted that the company plans to implement a 1 GW onshore wind project by 2026, a 2 GW offshore wind project, and a green hydrogen project by 2033, and further expand the use of solar, onshore, and offshore wind by 2037.

'In 2022, Masdar and the Ministry of Energy of Azerbaijan signed an agreement on the development and investment in renewable energy sources. Also in 2022, the parties signed an implementation agreement that covers a number of offshore wind energy projects and green hydrogen production,' he said.

In addition, Masdar also signed an agreement with SOCAR (State Oil Company of Azerbaijan Republic) to explore the potential for electrification of their offshore oil and gas facilities in the Caspian Sea using offshore wind power, he added.

Meanwhile, Azerbaijan's technical potential for offshore wind in the Caspian Sea is 157 GW. Azerbaijan has already signed relevant deals with Masdar and Fortescue Industries on the total installed capacity of 22GW. For comparison, the entire installed capacity of power production in Azerbaijan, including all renewable and non-renewable, is 8 GW. Out of those 22 GW, about 16 GW account for offshore wind energy production. Ministry of Energy has also signed an agreement with ACWA Power on the construction of an offshore wind farm.


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.