State Oil Company of the
Republic of Azerbaijan (SOCAR) and UAE-government owned energy company
Masadar have signed a 2 GW offshore wind and hydrogen contract in the Republic
of Azerbaijan in Abu Dhabi.
The two companies also signed Joint Development Agreements for 1 GW Solar
Photovoltaic and 1 GW Onshore Wind projects.
It follows news in June that Masdar signed implementation agreements with
the Ministry of Energy of the Republic of Azerbaijan to develop renewable
energy projects in the country with a combined confirmed capacity of 4
GW as an exclusive concession, with the right to develop an additional
6 GW as a second phase.
Masdar signed two implementation agreements, one concerns covers integrated
offshore wind and green hydrogen projects with a capacity of 2 GW. The
other agreement relates to the development of onshore wind and solar photovoltaic
(PV) projects, each representing 1 GW of capacity. At the same time, Masdar
also signed an intial Memorandum of Understanding with the SOCAR for the
joint development of the renewable energy sources.
