Azerbaijan Partners With Masdar For New Major Green Energy Projects
Date
10/26/2023 9:27:30 AM
(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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