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ACWA Power, Masdar, SOCAR to Develop 500 MW Renewable Energy Projects in Azerbaijan

ACWA Power confirms its commitment with its partners to accelerate decarbonization efforts worldwide. (The company’s website)
ACWA Power confirms its commitment with its partners to accelerate decarbonization efforts worldwide. (The company’s website)
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ACWA Power, Masdar, SOCAR to Develop 500 MW Renewable Energy Projects in Azerbaijan

ACWA Power confirms its commitment with its partners to accelerate decarbonization efforts worldwide. (The company’s website)
ACWA Power confirms its commitment with its partners to accelerate decarbonization efforts worldwide. (The company’s website)

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.

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Turkish Stocks Jump as PKK Disbandment Adds to Trade Relief

People walk on a small street leads that to the historical Galata Tower in Istanbul, Türkiye, April 25, 2025. (Reuters)
People walk on a small street leads that to the historical Galata Tower in Istanbul, Türkiye, April 25, 2025. (Reuters)
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Turkish Stocks Jump as PKK Disbandment Adds to Trade Relief

People walk on a small street leads that to the historical Galata Tower in Istanbul, Türkiye, April 25, 2025. (Reuters)
People walk on a small street leads that to the historical Galata Tower in Istanbul, Türkiye, April 25, 2025. (Reuters)

Turkish stocks jumped on Monday, bonds climbed and the lira rallied against the euro as news the Kurdistan Workers Party (PKK) militant group was ending its four decade-long insurgency in the country added to US-China trade cheer.

Global share markets were enjoying a strong surge after the US and China agreed to slash tariffs, but Turkish equities outstripped most other bourses as they jumped more than 3%.

A PKK member said it was ceasing all military operations "immediately" following the group's decision to disband, a move that could boost NATO member Türkiye's political and economic stability.

The lira was up 1.3% against the euro and steady against the dollar, while its international market bonds, which have been losing ground for the last six months, were up nearly 0.7 cents.

The PKK decision followed an appeal from its jailed leader Abdullah Ocalan in February to disband. It is set to have far-reaching political and security consequences for the region, including in neighboring Iraq and also in Syria, where Kurdish forces are allied with US forces.

Omer Celik, spokesperson for President Recep Tayyip Erdogan's ruling AK Party, said the PKK's decision to dissolve was "an important step toward a terror-free Türkiye".

There have been intermittent peace efforts over the years, most notably a ceasefire between 2013 and 2015 that ultimately collapsed.

The PKK's move should now give Erdogan the opportunity to boost spending in the mainly Kurdish southeast of Türkiye, where the insurgency has handicapped the regional economy for decades.

Analysts welcomed the PKK move but added a note of caution.

"It can only be good news," said Christopher Granville, managing director of EMEA & Global Political Research at investment advisory firm TS Lombard. "But is it decisive for the difficult Turkish investment case?"

He said the PKK issue was ultimately "secondary" to questions about Türkiye's recent arrest of Erdogan's main political rival, Istanbul Mayor Ekrem Imamoglu, and the broader direction of its macroeconomic policy.

Those concerns have weighed on Turkish markets this year.

MSCI's Türkiye equities index is down more than 13% compared to a near 8% rise in its pan-emerging market index., while lira-denominated government bonds have cost investors more than 8% on a total returns basis.

The cost of insuring Ankara's government debt using Credit Default Swaps (CDS) has also shot up, although Monday's rally saw that ease back.

"A continuation of the pullback (in CDS levels) ... may support banking stocks, which have been the negatively differentiated sector in BIST (Turkish stocks index) in the last 2 months," Garanti BBVA Yatirim's Director Ozgur Yurtdasseven said.

Turkish banking stocks were up 3.8% on the day, but remain more than 16% down on the year in lira terms and more than 20% in dollar terms.