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SOCAR inks MoU with ACWA Power, Masdar on major renewable energy project

Oil&Gas Materials 10 November 2023 10:56 (UTC +04:00)
SOCAR inks MoU with ACWA Power, Masdar on major renewable energy project
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, November 10. ACWA Power, Masdar and Azerbaijan’s state oil company SOCAR have signed a Memorandum of Understanding to develop 500MW of renewable energy projects in Nakhchivan Autonomous Republic of the Republic of Azerbaijan, Trend reports via ACWA Power.

The document was inked by Thomas Brostrom, Chief Investment Officer of ACWA Power, Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Afgan Isayev, Vice President of SOCAR.

The signing parties to the MoU will see the organisations pool their expertise to expedite the development of renewable energy projects that accelerate decarbonisation and help Azerbaijan achieve its net-zero goals.

In 2019, ACWA Power entered the Azerbaijani market with a commitment to assist the country in achieving its ambitious goals of renewable energy integration, greenhouse gas emissions reduction, and decarbonization. Currently, ACWA Power is in the process of developing a 240MW wind power plant in Azerbaijan, with a total investment of US$286 million. Earlier this year, the company signed four implementation agreements for significant projects, including a 1GW onshore wind farm, a 1.5GW offshore wind farm, and a battery energy storage project, in collaboration with the Azeri Ministry of Energy. Additionally, a cooperation agreement with the State Oil Company of Azerbaijan Republic (SOCAR) has been established, fostering collaboration and exploration in the realms of renewable energy and green hydrogen.

Meanwhile, Masdar has been actively engaged in Azerbaijan since 2020, successfully bringing the 230MW Garadagh solar plant online in October of this year. As a pioneer in clean energy from the UAE, Masdar has also entered agreements to develop onshore wind and solar projects, along with integrated offshore wind and green hydrogen projects, boasting a combined capacity of 4GW in the country. Notably, Masdar and Azerbaijan have mutually agreed upon an option to expand the total capacity for renewable projects to an impressive 10GW, spanning across various technologies.

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