BAKU, Azerbaijan, November 23. One of the world's leading companies in the field of renewable energy sources, the UAE’s Masdar and Turkmenistan's Turkmenenergo State Electric Power Corporation signed an agreement on cooperation on the project of a solar photovoltaic plant with a capacity of 100 MW, which will be the company's first project in Turkmenistan, Trend reports citing Orient news.
The signing ceremony was attended by the President of Turkmenistan Serdar Berdimuhamedov and the Minister of State for Foreign Trade of the UAE Thani bin Ahmed Al Zeyoudi.
The agreement was signed by the Chief Executive Officer of Masdar Mohamed Jameel Al Ramahi and Deputy Chairman of the Cabinet of Ministers of Turkmenistan Charymyrat Purchekov within the framework of the UAE-Turkmenistan Business Forum in Abu Dhabi.
The agreement is based on a Memorandum of Understanding signed between Masdar and the Government of Turkmenistan in October 2021 to explore opportunities for development and investment in solar and wind energy projects in Turkmenistan based on public-private partnership.
Turkmenistan is striving to modernize its energy infrastructure and reduce its dependence on hydrocarbons. Although the country has some of the largest gas reserves in the world, it also has many natural advantages for developing renewable energy sources.