(MENAFN- Trend News Agency) 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 Central Asian nation 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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