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UAE's Masdar to develop wind, solar plants in Azerbaijan

Abu Dhabi stateowned renewable resource firm Masdar will develop 2 solar plants and a. wind farm in Azerbaijan with 1 gigawatt of capacity, it said on. Tuesday.

Masdar signed arrangements with Azeri state oil firm Socar for. the tasks on Tuesday.

We are holding 75%, Socar is holding 25%, Maryam Al . Mazrouei, Masdar's head of development and investment for the. CIS region, informed .

The 445 MW Bilasuvar Solar PV Job and the 315 MW. Neftchala Solar PV Project are anticipated to become functional by. completion of 2026 or early 2027 and the 240 MW Absheron-Garadagh. Onshore Wind Job must be running by the end of 2027, she. stated.

Baku, Azerbaijan's capital, will host the COP29 environment. summit in November.

This develops on the UAE's history of collaboration to. boost this country's green growth development and promote. sustainable development internationally, COP28 President Sultan Al . Jaber, who chairs Masdar and is president of UAE state oil. giant ADNOC, said in Baku on Tuesday.

Almost 200 countries concurred at COP28 to transition away. from nonrenewable fuel sources.

Al Jaber repeated on Tuesday that UAE environment fund Alterra. will raise more than $200 billion in investments over the next. six years.

The $30 billion fund stated when it released in December it. aimed to draw in $250 billion of institutional investments by. 2030.

Alterra was established by Lunate, an Abu Dhabi option. investment manager owned by its senior management and Chimera. Financial investment, which becomes part of a service empire managed by. Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's nationwide security. adviser and sibling of the country's president.