SOCAR (State Oil Company of Azerbaijan) and the Saudi company ACWA Power Company have signed an agreement on cooperation in the field of renewable energy development projects in Azerbaijan.
The agreement was signed today, Friday, within the framework of the Southern Gas Corridor Advisory Council.
SOCAR noted that by 2030 Azerbaijan plans to increase the share of renewable energy in electricity generation capacity up to 30%, as well as reduce greenhouse gas emissions up to 40% by 2050.
According to the statement of the Azerbaijani company, joint cooperation in the field of renewable energy sources in Azerbaijan will affect wind energy on land and at sea, solar energy and green hydrogen.
The Saudi company ACWA Power is currently implementing a 240 megawatt wind power plant project in Azerbaijan.
Source: “Sputnik Azerbaijan”
