ACWA Power, Masdar sign Azeri pact for 500 MW of renewables

ACWA Power Co (TADAWUL:2082), the Abu Dhabi Future Energy Company PJSC, or Masdar, and the State Oil Company of Azerbaijan Republic (SOCAR) will team up for the development of 500 MW of renewable energy plants in the Nakhchivan Autonomous Republic, a landlocked exclave of the Republic of Azerbaijan.

The three parties have inked a memorandum of understanding (MoU) to combine their expertise in a push to advance the deployment of renewable energy projects that accelerate decarbonisation and help Azerbaijan achieve its net-zero goals, according to a recent statement published by ACWA Power.

ACWA Power set foot in the Azeri market in 2019. The company is currently working on a 240-MW wind power plant in the country and intends to actively participate in the local onshore and offshore wind development.

Masdar is also acquainted with the Eurasian country, being present there since 2020. The company developed the 230-MW Garadagh solar plant, which was switched on last year. According to CEO Mohamed Jameel Al Ramhi, the company has plans to develop a potential pipeline of up to 10 GW in the Central Asia nation.

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