SOCAR And Masdar Sign Shareholders' Agreement For Three Projects
(MENAFN- AzerNews)
Nazrin Abdul
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As 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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