Major developer ACWA Power has announced that four separate agreements have been finalised for the development of new renewable energy in the Republic of Azerbaijan.
The company has signed key implementation agreements with the ministry of Energy and a co-operation agreement with the State Oil Company of Azerbaijan Republic (SOCAR).
The new MoU with Azerbaijan’s ministry of Energy entails the development of a battery energy storage system, together with implementation agreements for 1 GW and 1.5 GW of onshore and offshore wind, respectively. While the co-operation agreement reached with SOCAR is to ensure collaboration and exploration in the fields of renewable energy and green hydrogen.
The agreements are aimed at enhancing the Republic’s national electricity grid by integrating additional renewable energy sources, as well as positioning the country to broaden its export market and ensuring the population benefits from battery storage and offshore wind capabilities.
ACWA Power is currently implementing a 240 MW wind farm project in Azerbaijan, which is expected to produce around one billion kWh of electrical energy per year, saving about 220 million cubic metres of natural gas and reducing carbon emissions by more than 400 000 tonnes per year.
Image: ACWA Power is expanding its presence in Azerbaijan through key renewable energy partnerships (courtesy of ACWA Power)