Azerbaijan Partners With Masdar For New Major Green Energy Projects

2023-10-26 09:27:30

(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 26. Azerbaijan has inked three pivotal investment agreements with the UAE-based company Masdar, facilitating the development of green energy projects with a cumulative capacity of 1000 MW, Trend reports via Azerbaijan's energy ministry.

These contracts encompass the establishment of a 445 MW solar power plant in Bilasuvar region, a 315 MW solar power plant in Banke settlement of Neftchala region, and 240 MW wind power plant projects in Absheron-Garadagh region.

These agreements constitute the initial phase of the Executive Agreements entered into with Masdar in June 2022, focusing on the assessment, development, and execution of 4 GW Mega projects in renewable energy sources.

Energy Minister Parviz Shahbazov, expressing his satisfaction, underlined that Azerbaijan, known for its production and export of green energy, is delighted to work in collaboration with Masdar. These initiatives are expected to be instrumental in achieving the national goal of elevating the share of renewable energy sources in electricity production capacity to 33 percent by 2030, added the minister.

Founded in 2006, Masdar is renowned for its extensive portfolio of projects, boasting a total investment capacity exceeding 20 GW in over 40 countries.

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