16:22 - 26.10.2023

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October 26, Fineko/abc.az. The ceremony of signing of documents between the Government of Azerbaijan and UAE company Masdar has taken place today, with the participation of Azerbaijani President Ilham Aliyev.

ABC.AZ reports that in particular, Energy Minister Parviz Shahbazov, Economy Minister and SOCAR Supervisory Board’s head Mikayil Jabbarov, and Masdar CEO Mohammed Jamil Al-Ramahi signed investment agreements between the government of Azerbaijan and Abu Dhabi Future Energy Company - Masdar on construction projects: solar power plant in Banka settlement of Neftchala district, a solar power plant Gunesh settlement of Bilasuvar district and a wind farm in Absheron-Garadagh districts.

The Ministry of Energy of Azerbaijan informed that the total capacity of the three new power plants will be 1 GW.

In particular, the capacity of the solar power plant in Neftchala district will be 315 MW, the solar power plant in Bilasuvar district - 445 MW, and wind farm - 240 MW.

According to the MoE, the investment agreements cover the first stage of the executive agreements signed with Masdar in June 2022 on evaluation, development and implementation of renewable energy projects with capacity of 4 GW.

Energy Minister Parviz Shahbazov noted at the signing ceremony that these projects will allow increasing the share of renewable energy sources in the electricity production capacity in Azerbaijan to 33% by 2030.

To date, Masdar has implemented a $250 million project in Azerbaijan on construction of Garadagh solar power plant with capacity of 230 MW.