BAKU, Azerbaijan, November 15. The State Oil Company of the Republic of Azerbaijan (SOCAR), Masdar Company from the UAE, and ACWA Power Company from Saudi Arabia signed a memorandum of understanding on the production of wind power with a capacity of 3.5 gigawatts in the Azerbaijani sector of the Caspian Sea within COP29, Trend reports via SOCAR.
The document was signed by SOCAR President Rovshan Najaf, Masdar CEO Mohamed Jameel Al Ramahi, and ACWA Power CEO Marco Arcelli.
Based on the paper, the inaugural offshore wind energy installations are set to be developed in Azerbaijan as a key component of the strategic initiative. This document aims to enhance collaboration between the stakeholders to drive the execution of innovative renewable energy initiatives with a cumulative capacity of 500 MW.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel
