Masdar has signed joint development agreements with the State Oil Company of the Republic of Azerbaijan (SOCAR), for onshore wind and solar projects, and integrated offshore wind and green hydrogen projects.
In June last year, Masdar signed implementation agreements with Azerbaijan’s Ministry of Energy to develop a renewable energy program on a bilateral basis, with a total capacity of 10 GW across multiple technologies. The joint development agreements set out the collaboration and partnership principles between the parties for the development of the first phase of the program, with a total capacity of 4 GW. SOCAR is an integrated national oil and gas company supporting the energy security of the Republic of Azerbaijan. Azerbaijan is pursuing a national target of producing 30 percent of its domestic power needs from renewable energy sources by 2030.