The Emirati renewable company Masdar and the State Oil Company of Azerbaijan (SOCAR) have broken ground on three solar and wind projects in Azerbaijan totalling 1 GW of capacity. The three projects include the 445 MW Bilasuvar solar PV project, the 315 MW Neftchala solar PV project and the 240 MW Absheron-Garadagh onshore wind project.
In January 2023, Masdar and SOCAR had entered into a partnership to develop 4 GW of renewable and hydrogen projects in Azerbaijan. Investment agreements for the projects were reached in October 2023, followed by the signing of Power Purchase Agreements (PPAs), Transmission Connection Agreements, and Land Lease Agreements. In October 2023, Masdar also completed the 230 MW Garadagh solar power plant, which is currently Azerbaijan’s largest.
Azerbaijan plans to reach 30% of renewable installed capacity by 2030 (20% in 2023, mostly hydro).
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