To this end, UAE President Sheikh Mohamed bin Zayed Al Nahyan and Azerbaijani President Ilham Aliyev met in Baku to explore new opportunities in renewables and further expand the partnership.
“Our cooperation is multifaceted, spanning many areas. In the recent past, significant strides have been taken in the energy sector, particularly in the green energy field,” Azerbaijan President Ilham Aliyev said during the meeting.
During the meeting, four agreements were signed to redefine the primary objectives of the extensive collaboration on green energy between the two parties, outlining mutual investment projects for electricity transmission.
The pacts emphasize joint exploration of cooperation and investment opportunities in Rooftop Solar projects, Green Hydrogen, Green Ammonia, synthetic Methane, sustainable aviation fuel production, and the export of green energy. It also encompasses 2 GW solar and, 2 GW onshore wind projects and 6 GW offshore wind energy.
The UAE is set to finance the construction of two solar and one wind power plants in Azerbaijan between 2024 and 2027. These new power plants will unlock stakeholders’ access to 1 GW of alternative energy potential.
In October 2023, UAE’s Masdar renewable energy firm inaugurated a $200 million, 230 MW photovoltaic station in the Garadagh district, located 23 kilometers southwest of Baku. The Garadagh Solar Power Plant is projected to generate a total energy output of approximately half a billion kilowatt-hours annually. This capacity is ample to supply electricity to over 110,000 households and contribute to an annual reduction of 200,000 tons in greenhouse gas emissions.