Within the opening ceremony of the "Garadagh" Solar Power Station, with the participation of the President of the Republic of Azerbaijan, Ilham Aliyev, three investment agreements on "green energy" projects with a total capacity of 1000 MW were signed between the Government of Azerbaijan and the UAE company "Masdar". The contracts were signed by the Minister of Energy of the Republic of Azerbaijan, Parviz Shahbazov, Chairman of the Supervisory Board of SOCAR and the Minister of Economy on behalf of SOCAR, Mikayil Jabbarov, who is expected to participate in these projects, and the Chief Executive Officer of the "Masdar" company of the United Arab Emirates, Muhammad Jamil Al-Ramahi. The investment agreements envisage the implementation of 445 MW solar power plants in Bilasuvar region, 315 MW solar power plants in Banke settlement of Neftchala region, and 240 MW wind power plant projects in Absheron-Garadagh region.

The investment agreements cover the first phase of the Executive agreements signed with the company in June 2022 for the evaluation, development and implementation of 4 GW "Mega" projects on renewable energy sources.

 Minister of Energy Parviz Shahbazov said: "Today is marked by the achievements of the state policy of the President of Azerbaijan Mr. Ilham Aliyev, who prioritizes the development of renewable energy. The commissioning of the first largest solar power plant based on foreign investment in our energy history, as well as the signing of investment agreements for the implementation of 1000 MW solar and wind energy projects, show that the "green energy" and "green investment" plans of our country are successfully becoming a reality. 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 an important role in increasing the share of renewable energy sources in the production capacity of electricity to 33% by 2030."

 "Azerbaijan is Masdar's main strategic partner, and the agreements signed today will allow us to accelerate the process of expanding the country's "green energy" vision. Garadagh GES is the first of several potential wind, solar and "green hydrogen" projects with a total capacity of 10 GW onshore and offshore. Commissioning of this station will increase investment attraction and strengthen international cooperation. We are working together to support Azerbaijan in achieving its goals of combating climate change," said CEO of Masdar, Mohamed Jameel Al Ramahi.

 It should be noted that the Masdar company, founded in 2006, has implemented projects with a total installed capacity of more than 20 GW in more than 40 countries.