Saudi Arabia’s ACWA Power plans to develop 500 megawatts of renewable energy projects in Azerbaijan in partnership with Abu Dhabi Future Energy Co. (Masdar), and the State Oil Company of Azerbaijan Republic (SOCAR).
The MoU was signed by Thomas Brostrom, Chief Investment Officer of ACWA Power, Mohamed Al Ramahi, Chief Executive Officer of Masdar, and Afgan Isayev, Vice President of SOCAR.
The joint venture will bolster Azerbaijan’s stride toward its net-zero ambitions.
“We are thrilled to join forces with Masdar and SOCAR in our commitment to advancing clean energy solutions around the world. Our shared vision for a sustainable and decarbonized future transcends competition,” said ACWA Power CEO Marco Arcelli.
For his part, Al Ramahi said that this “builds on Masdar’s existing partnership with Azerbaijan for the 230MW Garadagh Solar PV plant.”
He went on to say, “with plans to develop a potential pipeline of up to 10GW of renewable energy projects in the Central Asia nation, this latest collaboration in Nakhchivan will further strengthen Azerbaijan’s net-zero ambitions.”
“Our alliance with ACWA Power and SOCAR demonstrates our shared goal of supporting countries to diversify their energy mix and decarbonize economies for a greener, cleaner future.”
Moreover, Isayev stated “this partnership represents a crucial milestone in our journey toward a sustainable energy future,” adding, “This strategic alliance underscores our dedication to harnessing the vast potential of solar and wind energy, furthering our efforts to reduce carbon emissions”.
Currently, ACWA Power is developing a wind energy project in Azerbaijan, with a capacity of 240MW for $286 million.
Earlier this year, the company signed four implementation agreements for major renewable projects with Azerbaijan’s Energy Ministry.
These projects include a 1-gigawatt onshore wind farm, a 1.5GW offshore wind installation, and a battery energy storage initiative.
Additionally, the utility giant also signed a cooperation agreement with SOCAR to collaborate and explore the field of green hydrogen.
Masdar has also had a presence in Azerbaijan since 2020 through the 230MW Garadagh solar plant.
The UAE has also signed agreements to develop wind, solar, and green hydrogen projects with a total combined capacity of 4GW.
In January, Masdar and Azerbaijan agreed on an option to expand the total capacity for renewable projects to 10GW across multiple technologies.
