Three major energy companies – Saudi-based power generation company ACWA Power, UAE-based energy firm Masdar, and the State Oil Company of the Republic of Azerbaijan (SOCAR) – have signed a memorandum of understanding (MoU) for the development of 500 megawatts (MW) of renewable energy projects in Nakhchivan Autonomous Republic in Azerbaijan.
Under the agreement, all three organisations will contribute their expertise to accelerate the development of major Azerbaijani renewable energy projects and enhance the energy security of the nation, whilst supporting the country's decarbonisation and zero-emission goals.
After it entered the Azerbaijani market in 2019, ACWA Power has committed to succeeding in the country’s large-scale efforts to integrate renewables into the grid, reduce greenhouse gas emissions and achieve decarbonisation targets. Several of its projects include a 240 MW wind power plant with a value of $286m, a 1 GW onshore project, a 1.5GW offshore wind farm, and a battery energy storage project with the Azeri Ministry of Energy.
Its cooperation with State Oil Company of Azerbaijan Republic (SOCAR) allows seamless cooperation in the discovery of additional renewable energy and green hydrogen sources.
Meanwhile, Masdar has developed a 230 MW Garadagh solar plant. It also has signed an agreement for the development of both onshore and offshore wind and solar projects, as well as green hydrogen projects, all with a combined capacity of 4 GW. With Azerbaijan’s cooperation, it plans to raise its overall renewable projects to 10 GW..
