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SOCAR and Masdar ink renewable energy agreements

By: Tom Russell 16/01/2023 SOCAR

General Windfarms

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.

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SOCAR and Masdar ink renewable energy agreements

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