On June 4, Masdar, the world's leading renewable energy company, announced a major investment plan to build two solar power plants and a wind farm in Azerbaijan with a combined power generation capacity of 1 GW. This landmark project not only showcases Masdar's leading position in renewable energy technologies, but also marks a solid step in Azerbaijan's clean energy sector.

On June 4, Masdar signed a project agreement with Azerbaijan's state-owned oil company Socar. According to the agreement, Masdar will hold 75 percent of the project, while Socar will hold the remaining 25 percent. This cooperation reflects the shared enthusiasm and commitment of both sides for renewable energy projects, while also injecting new vitality into the energy transition and sustainable development of Azerbaijan.

At the opening ceremony of Baku Energy Week, a grand groundbreaking ceremony was held for the project. Energy experts and investors from around the world gathered to witness this historic moment. Masdar already has 10 GW of renewable energy projects in Azerbaijan and has successfully developed the 230 MW Garadag Solar Park, one of the largest operating solar power plants in the region.

Last year, Masdar opened an office in Baku, the capital of Azerbaijan, further expanding its presence in the country. This initiative not only strengthens cooperation with local governments and businesses, but also provides Masdar with more resources and support in its renewable energy projects in Azerbaijan. Masdar pledged to strengthen support for Azerbaijan's renewable energy program and promote the transformation and upgrading of the country's energy mix.

The Azerbaijani government attaches great importance to the development of clean energy. They have set a target of generating 30 percent of their electricity from clean energy by 2030, and have formulated a series of policies and measures to that end. The participation of Masdar will provide strong technical support and financial guarantee for the realization of this goal. At the same time, the project will also bring multiple economic, environmental and social benefits to Azerbaijan and promote the sustainable development of the country.

Through this joint project, Masdar and Azerbaijan will further promote the development and application of renewable energy worldwide. Together, they are committed to developing more efficient and environmentally friendly renewable energy technologies to contribute to the transformation and upgrading of the global energy structure. Editor/Xu Shengpeng