ACWA Power has forged a strategic alliance with Masdar and the State Oil Company of Azerbaijan Republic (SOCAR) to embark on a collaborative initiative to develop 500MW of renewable energy projects. These projects are set to materialize in the Nakhchivan Autonomous Republic of the Republic of Azerbaijan.
The signing of the memorandum of understanding (MoU) among the participating parties signifies a shared commitment to leveraging their collective expertise to expedite the development of renewable energy projects. These projects will play a pivotal role in accelerating decarbonization efforts and contribute to Azerbaijan's ambitious net-zero goals.
Marco Arcelli, the Chief Executive of ACWA Power, expressed his enthusiasm for the partnership, stating, “We are thrilled to join forces with Masdar and SOCAR in our commitment to advancing clean energy solutions around the world. Our shared vision for a sustainable and decarbonized future transcends competition. By coming together, ACWA Power, Masdar, and SOCAR are demonstrating our unwavering commitment to accelerate decarbonization efforts globally.”
This collaboration underscores the commitment of the partnering organizations to assist Azerbaijan in its journey towards achieving net-zero emissions targets. Through this partnership, ACWA Power, Masdar, and SOCAR aspire to set an industry example by demonstrating how cooperation and shared goals can drive the transition to a more sustainable and decarbonized energy future.