Azerbaijan signs new memorandum with ACWA Power and Masdar

ACWA Power (Saudi Arabia), Masdar (United Arab Emirates) and the Azerbaijani state oil company SOCAR have signed a Memorandum of Understanding (MoU) on the development of 500 MW renewable energy projects in the Nakhchivan Autonomous Republic of Azerbaijan.

The document was signed by ACWA Power Chief Investment Officer Thomas Brostrom, Masdar CEO Mohamed Jameel Al Ramahi and SOCAR Vice President Afgan Isayev, Trend reports with reference to ACWA Power.

The MoU signatories will reportedly combine their expertise to accelerate the development of renewable energy projects that will boost decarbonization and help Azerbaijan achieve its net-zero emissions goals.

ACWA Power entered the Azerbaijani market in 2019. ACWA Power is currently working on a 240 MW wind farm project in Azerbaijan. The investment cost of the project is 286 million dollars. Earlier this year, four agreements were signed with the Azerbaijani Energy Ministry to implement mega-giga projects, including a 1 GW onshore wind farm, a 1.5 GW offshore wind farm and other projects.

Masdar has been operating in Azerbaijan since 2020. The company implemented the Garadag solar power plant project with a capacity of 230 MW. Masdar and Azerbaijan have agreed on the possibility of expanding the total capacity of renewable energy projects to 10 GW through advanced technologies.