RIYADH: Saudi Arabia’s ACWA Power plans to develop 500 megawatts of renewable energy projects in Azerbaijan in partnership with Abu Dhabi Future Energy Co., also known as Masdar.
According to a press statement, the Saudi-listed utility giant signed a memorandum of understanding with Masdar and the State Oil Co. of Azerbaijan.
The joint venture will bolster Azerbaijan’s stride toward its net-zero ambitions while contributing to the global decarbonization effort.
“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 in the statement.
Arcelli added: “We are proud to collaborate in helping Azerbaijan advance toward its net-zero goals, and through this partnership, we aim to set an example for the industry.”
Since entering Azerbaijan in 2019, ACWA Power has contributed to the nation’s renewable energy objectives, assisting it in renewable energy integration, reducing greenhouse gas emissions and pursuing comprehensive decarbonization strategies.
Currently, ACWA Power is developing a wind energy project in Azerbaijan, with a capacity of 240MW for $286 million.
In February, 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’s clean energy pioneer 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.
