SOCAR-Masdar agreements to contribute to development of alternative energy

UAE's clean energy company Masdar has signed joint agreements with the State Oil Company of the Republic of Azerbaijan (SOCAR), on the sidelines of Abu Dhabi Sustainability Week (ADSW), Report informs, citing Gulf Business.

SOCAR, an integrated national oil and gas company, supports the energy security of Azerbaijan.

The agreements will cover the development of onshore wind and solar projects, and integrated offshore wind and green hydrogen projects, with a total combined capacity of 4 gigawatts (GW), Masdar said.

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, COP28 President-Designate, and chairman of Masdar, said, "These agreements will serve to strengthen the already powerful relationship between the UAE and the Republic of Azerbaijan and are a testament to our shared commitment to diversifying our energy mix and developing low- and zero-carbon solutions."

Azerbaijan is pursuing a national target of producing 30% of its domestic power needs from renewable energy sources by 2030 as the Central Asian nation looks to diversify its economy and reduce greenhouse gas emissions.

Mohamed Jameel Al Ramahi, CEO of Masdar, said, "Masdar sees Azerbaijan as a key strategic partner, one we are proud to support in its clean energy journey. This signing marks a milestone on the development and delivery of a significant collaboration that will advance Azerbaijan's renewable energy goals and support its ongoing sustainable economic development."