The State Oil Company of the Republic of Azerbaijan (SOCAR) and the United Arab Emirates’ Masdar have entered into a partnership on offshore wind and green hydrogen projects in Azerbaijan.
Under a joint development agreement, SOCAR and Masdar will together develop offshore wind and hydrogen production projects totalling 2 GW in capacity.
In addition, the two companies have also signed joint development agreements on 1 GW of solar PV projects and 1 GW of onshore wind.
According to SOCAR, the agreements will contribute to continuing the strengthening of the cooperation between the Republic of Azerbaijan and the United Arab Emirates.
SOCAR has revealed that the projects will also support the reduction of GHG emissions in Azerbaijan, which aims to increase the share of renewable energy in its electricity production capacity to 30 per cent by 2030.
The agreements on 1 GW of solar and 1 GW of onshore wind projects also build upon the cooperation agreements signed between the government and the UAE company in June.