Masdar and State Oil Company of the Republic of Azerbaijan (SOCAR) have signed a Shareholder Agreement for three wind and solar projects totalling 1GW.
The projects are a 445MW solar scheme in Bilasuvar, a 315MW solar scheme in Neftchala and a 240MW wind project in the Absheron-Garadagh region.
On the sidelines of Baku Energy Week, the signing was witnessed by HE Mikayil Jabbarov, Minister of Economy for the Republic of Azerbaijan, and HE Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President.
The projects are part of Masdar’s 10GW pipeline supporting Azerbaijan’s ambitions to generate 30% of its energy capacity from renewable power by 2030.
The agreements included Power Purchase Agreements, Transmission Connection Agreements, Investment Agreement Amendments and Land Lease Agreements.