SOCAR, Masdar and ACWA provide power up to 500 MW

Baku/10.11.23/Turan: The Middle Eastern energy companies Masdar (UAE) and the local authorities (Saudi Arabia) signed a memorandum of understanding with SOCAR (the State Oil Company of Azerbaijan) regarding the implementation of renewable energy projects (RES) with a total capacity of 500 MW in the Nakhichevan Autonomous Republic (NAR), messages from these Arab companies.

At the end of October, the largest solar power plant in the region with a capacity of 230 MW, built by "Masdar", was put into operation in Azerbaijan. In 2022, this energy company signed a framework agreement with the Government of Azerbaijan for a total of 10 GW of renewable energy projects. The problem that came to Azerbaijan in 2019-20 (like "Masdar") is currently laying a 240 MW wind power plant in Azerbaijan, investments in which are estimated at 286 million US dollars. It is expected that it will be put into operation in 2025.

The press releases of these Middle Eastern companies cite the words of SOCAR Vice President Afgan Isayev, who signed the Memorandum of Understanding: "We are pleased to announce the formalization of the trilateral cooperation between SOCAR and our esteemed partners, "Masdar," and the problem is not in capacity, which strengthens our desire to promote initiatives in the field of renewable energy sources in Azerbaijan... This strategic alliance underscores our commitment to harnessing the vast potential of solar and wind energy, further advancing our efforts to reduce carbon dioxide emissions and promote economic growth in our region."

At the beginning of 2023, the Ministry of Energy of Azerbaijan signed four agreements on the implementation of megaprojects with a problem not in renewable energy capacity, including an onshore wind farm with a capacity of 1 GW, an offshore wind farm with a capacity of 1.5 GW and a battery energy storage project, as well as a cooperation agreement with the State Oil Company of the Republic of Azerbaijan (SOCAR) will ensure cooperation and research in the field of renewable energy and green hydrogen.

"Masdar" in Azerbaijan, in addition to the "Garadagh SES," plans to work on the creation of onshore wind and solar renewable energy projects, as well as integrated offshore wind and environmentally friendly hydrogen projects with a total combined capacity of 4 GW. In general, "Masdar" and Azerbaijan have agreed on the possibility of expanding the total capacity of renewable energy projects to 10 GW through several technologies. Azerbaijan has been rapidly increasing its portfolio of renewable energy projects over the past 3-4 years in order to create 7-10 GW of generating capacity in the field of "green" energy by 2030.

In addition to Arab investments, there are renewable energy projects in the country and bp (Azerbaijan's strategic partner), "Fortescue Future INdustries", China Gezhuba Group of Foreign Investments, "Total Energies,"  "Nobel Energy" and "A-Z Czech Engineering" with a total capacity of 28 GW.--0-