ACWA Power plans 2.5 GW of onshore, offshore wind in Azerbaijan

Image by ACWA Power.

Saudi Arabia's ACWA Power (TADAWUL:2082) on Thursday announced the signing of four clean energy agreements with Azerbaijan’s Ministry of Energy and State Oil Company of Azerbaijan Republic (SOCAR) that include plans for the development of 2.5 GW of offshore and onshore wind in Azerbaijan.

The agreements build on the 240-MW wind farm project that ACWA Power is currently installing in Azerbaijan.

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They include two implementation agreements for 1 GW and 1.5 GW of onshore and offshore wind, respectively, as well as a memorandum of understanding (MoU) for the development of a battery energy storage system that would be the first in the country.

In addition, ACWA Power has signed a cooperation agreement with SOCAR for partnering in the areas of renewable energy and green hydrogen.

“Our collaboration with ACWA Power is key to reducing carbon emissions, accelerating the energy transition, as well as ensuring new capacities for the planned green energy corridor from the Caspian to Europe,” said Azerbaijan’s energy minister Parviz Shahbazov.

SOCAR also recently signed renewable energy agreements with Abu Dhabi Future Energy Company, better known as Masdar.

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