According to recent news, Masdar will build two solar power plants and a wind farm in Azerbaijan with a generating capacity of 1 GW. Masdar signed a project agreement with Azerbaijan's state-owned oil company Socar on June 4. Masdar holds a 75% stake and Socar holds a 25% stake. The project held a groundbreaking ceremony at the opening ceremony of Baku Energy Week. Masdar already has 10 GW of renewable energy projects in Azerbaijan and has developed the 230 MW Galadag Solar Park, the largest operating solar power plant in the region.
Last year, Masdar opened an office in Baku, the capital of Azerbaijan, and pledged to strengthen support for the country's renewable energy plan. Azerbaijan aims to have clean energy power generation account for 30% of its total power generation by 2030.
Baku, the capital of Azerbaijan, will host COP29 in November this year.