Within the framework of the opening ceremony of the "Garadagh" Solar Power Station, with the participation of Ilham Aliyev, the President of the Republic of Azerbaijan, three investment agreements on "green energy" projects with a total capacity of 1000 MW were signed between the Government of Azerbaijan and the UAE's "Masdar" company. The agreements were signed by Parviz Shahbazov, Minister of Energy on behalf of the Azerbaijani Government, Mikayil Jabbarov, Minister of Economy and Chairman of the Supervisory Board of SOCAR, and Mohamed Jameel Al Ramahi, CEO of Masdar from the United Arab Emirates. The investment agreements envisage the implementation of solar power stations with a capacity of 445 MW in the Bilasuvar region, 315 MW in the Banke town of Neftchala region, and a wind power station with a capacity of 240 MW in the Absheron-Garadagh region.
The investment agreements cover the first phase of the Execution Agreements signed in June 2022 for the evaluation, development, and implementation of the 4 GW "Mega" projects on renewable energy sources.
Energy Minister Parviz Shahbazov said: "Today is marked by the achievements of the state policy prioritizing the development of renewable energy initiated by President Ilham Aliyev. The commissioning of the largest solar power station in our energy history based on foreign capital and the signing of investment agreements for solar and wind energy projects with a capacity of 1000 MW show that our plans for "green energy" and "green investment" are successfully realized. Azerbaijan is pleased to realize its strategic goals as a country producing and exporting "green energy" with the "Masdar" company, and these projects will play a significant role in increasing the share of renewable energy sources in electricity production capacity to 33% by 2030."
"Azerbaijan is a key strategic partner for Masdar, and the agreements signed today will accelerate the expansion process of the country's "green energy" vision. The "Garadagh" SPP is the first among several potential wind, solar, and "green hydrogen" projects, both onshore and offshore, with a total capacity of 10 GW. The commissioning of this station will lead to increased investment attraction and strengthened international cooperation. We are working together to support Azerbaijan in achieving its climate change goals," said Mohamed Jameel Al Ramahi, CEO of Masdar.
It should be noted that since its foundation in 2006, the Masdar company has implemented projects with a total installed capacity of more than 20 GW in over 40 countries.