Saudi Arabia's ACWA Power, UAE's Masdar, and Azerbaijan's State Oil Company (SOCAR) have signed a Memorandum of Understanding (MoU) to explore the development of 3.5 GW of offshore wind projects in Azerbaijan.
The agreement, announced during the COP29 climate summit in Baku, is aimed at accelerating the country's renewable energy ambitions and advancing its decarbonisation goals.
This collaboration builds on a previous partnership formed a year ago, when the trio revealed plans to develop 500 MW of renewable energy projects in the Nakhchivan Autonomous Republic.
The new offshore wind project is expected to play a key role in supporting Azerbaijan's net-zero targets.
ACWA Power CEO Marco Arcelli highlighted the shared vision for a sustainable and decarbonised future, emphasizing that the partnership sets a strong example for the industry.
Earlier in 2023, ACWA Power had signed agreements with the Azeri government to build 2.5 GW of offshore and onshore wind farms in Azerbaijan. Meanwhile, Masdar and SOCAR are also working on a 4 GW renewable energy initiative as part of a broader 10-GW program in the country.
