Abu Dhabi Future Energy Company “Masdar” and the National Oil Company of Azerbaijan “SOCAR” have laid the foundation stone for the development of three solar and wind energy projects in the Republic of Azerbaijan.

The foundation stone laying ceremony was witnessed by the President of the Republic of Azerbaijan, IlhamAliyev, His Excellency Dr. Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of the Board of Directors of Masdar, ParvizShahbazov, Minister of Energy of the Republic of Azerbaijan, MikailJaparov, Minister of Economy of the Republic of Azerbaijan, Chairman of the Supervisory Board of the National Oil Company of Azerbaijan, “SOCAR”, and Mohamed Jameel Al Ramahi, CEO of “Masdar”.

These projects include the 445 MW Belasovar Solar PV Plant, the 315 MW Nivchala Solar PV Plant, and the 240 MW AbsheronKaradag Onshore Wind Power Plant.

The investment agreements were signed in October 2023, followed by power purchase agreements, interconnection agreements and land leasing agreements.

These projects enhance strategic cooperation between the UAE and Azerbaijan in the field of renewable energy and contribute to achieving sustainable development goals.

These stations are expected to generate 2.3 billion kilowatt-hours of electricity and provide more than 500 million cubic meters of natural gas annually, while avoiding the release of more than one million tons of carbon emissions.

Dr. Sultan Bin Ahmed Al Jaber stressed the importance of these projects in achieving a just, orderly, responsible, and logical transition in the region, noting that Masdar is working to enhance the overall production capacity of its project portfolio in the field of renewable energy. In order to reach about 100 gigawatts by 2030, which will lead to doubling renewable energy capabilities, the company’s goal is to become a leader and distinguished figure in the field of green hydrogen by 2030.