ACWA Power has signed a Memorandum of Understanding with Abu Dhabi Future Energy Company, also known as Masdar, and State Oil Company of Azerbaijan Republic (SOCAR) to develop 500 MW of renewable energy projects in the Nakhchivan Autonomous Republic of the Republic of Azerbaijan.
The signing parties to the MoU intend to pool their expertise to expedite the development of renewable energy projects that accelerate decarbonisation and help Azerbaijan achieve its net-zero goals.
ACWA Power is currently developing a 240 MW wind power plant in Azerbaijan, at an investment value of US$286 million. Meanwhile, four implementation agreements for mega-giga projects including a 1 GW onshore, a 1.5 GW offshore wind farm and a battery energy storage project were signed earlier this year with the Azeri ministry of Energy, while a co-operation agreement with SOCAR will enable collaboration and exploration in the fields of renewable energy and green hydrogen.
Masdar has been active in Azerbaijan since 2020 and developed the 230 MW Garadagh solar plant, which become operational in October. It has also signed agreements to develop onshore wind and solar projects and integrated offshore wind and green hydrogen projects with a total combined capacity of 4 GW in the country. Masdar and Azerbaijan have agreed on an option to expand the total capacity for renewable projects to 10 GW across multiple technologies.