SOCAR, UAE's Masdar sign agreements on renewable energy projects

BAKU. Jan 16 (Interfax) - The State Oil Company of Azerbaijan Republic (SOCAR) and the United Arab Emirates' Masdar signed two agreements in Abu Dhabi Sunday on the implementation of renewable energy projects in Azerbaijan, SOCAR said.

The agreements call for the implementation of a project to develop offshore and onshore wind generation with capacity of 2 GW and 1 GW, respectively, hydrogen projects, and a solar power project with capacity of 1 GW.

The agreements, which were signed as part of Azerbaijani President Ilham Aliyev's official visit to the UAE, will help to further strengthen cooperation between the two countries, contribute to efforts to reduce greenhouse gas emissions in Azerbaijan, and facilitate the use of renewable energy and sustainable economic growth in the country, SOCAR said.

It was reported earlier that Azerbaijan plans to increase the share of renewable sources in electricity generation to 30% by 2030.

Masdar, a renewable energy company based in Abu Dhabi, operates in about 40 countries, including the UAE, Jordan, Saudi Arabia, Mauritania, Egypt, Morocco, United Kingdom, United States, Australia, Serbia, India and Indonesia.

Masdar is currently building the 230-MW Garadagh solar power plant in Azerbaijan, which is expected to generate 500 kWh of electricity annually and make it possible to reduce emissions by more than 200,000 tonnes per year.