ECONOMY


Azerbaijan, UAE’s Masdar company sign documents in energy field

Baku, March 15, AZERTAC

Azerbaijan and Masdar company of the United Arab Emirates have signed four memorandums of understanding as part of the groundbreaking ceremony for the 230 MW Garadagh Solar Power Plant in Baku.

The Memorandum of Understanding on cooperation in integrated offshore renewable energy between the Ministry of Energy of Azerbaijan and Masdar was signed by Deputy Energy Minister Samir Valiyev and CEO of Masdar Mohamed Jameel Al Ramahi. The document includes possible cooperation to support the use of renewable energy in Azerbaijan, as well as integrated solutions covering offshore wind energy use, green hydrogen production, carbon capture, use and storage at the expense of this energy, as well as other activities.

The Memorandum of Understanding on cooperation in the field of renewable and clean energy in the Karabakh and East Zangazur economic regions between the Ministry of Energy and the company was signed by Director of AREA under the Ministry of Energy Tabriz Ammayev and CEO of Masdar Mohamed Jameel Al Ramahi. The Memorandum defines possible cooperation on the use of renewable energy sources in the liberated territories of Azerbaijan. According to the document, Masdar intends to study investment opportunities in coordination with the Ministry in areas such as utility scale wind and solar PV plants, rooftop solar systems and others.

It is planned to establish a Steering Committee to guide and control the activities carried out within the both memorandums.

As part of the event, Masdar and the Ministry of Economy of Azerbaijan signed a Memorandum of Understanding on cooperation in the field of energy production from solid waste. The company and Azerbaijan Railways CJSC also inked a Memorandum of Understanding in the field of renewable energy and energy efficiency.

Masdar, which is cooperated on the 230 MW Garadagh Solar Power Plant project with an investment value of more than $225 million, operates in more than 40 countries, including the UAE, Saudi Arabia, Jordan, Egypt, Morocco, Great Britain, USA, Australia, Serbia, India, Indonesia and Uzbekistan.

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