Masdar, ACWA, Socar team up for 3.5 GW of offshore wind in Azerbaijan

Saudi Arabia’s ACWA Power Co (TADAWUL:2082), UAE renewables developer Masdar, and the State Oil Company of Azerbaijan Republic (SOCAR) have signed a pact to explore the potential for developing 3.5 GW of wind projects offshore Azerbaijan.

The companies have inked a Memorandum of Understanding (MoU) at the COP29 climate summit in Baku, Azerbaijan, ACWA Power announced on Thursday.

ACWA, Masdar and Socar, thus, build on an existing partnership aimed at advancing the deployment of renewable energy projects that accelerate decarbonisation and support Azerbaijan in reaching its clean energy goals. Their new arrangement comes a year after the trio unveiled plans to develop 500 MW of renewable energy schemes in the Nakhchivan Autonomous Republic, a landlocked exclave of the Republic of Azerbaijan.

“United by a shared vision for a sustainable, decarbonised future, this partnership supports Azerbaijan’s net-zero ambitions and sets a strong industry example,” said Macro Arcelli, CEO of ACWA Power.

Early in 2023, ACWA Power signed four clean energy agreements with the Azeri government that included plans for building 2.5 GW of offshore and onshore wind parks in the country. Masdar and Socar, meanwhile, teamed up to develop 4 GW of renewable energy projects in Azerbaijan as the first phase of a 10-GW programme.

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