Saudi Arabia's private utility Acwa Power has signed an initial agreement with UAE's Masdar, and State Oil Company of Azerbaijan Republic (Socar) to develop 500 megawatts of renewable energy projects in the Central Asian country. The companies will “pool their expertise” to expedite the development of renewable energy projects that accelerate decarbonisation and help Azerbaijan achieve its net-zero goals.
Riyadh-based Acwa Power entered the Azerbaijan market in 2019 and is developing a 240-megawatt wind power plant in the country, with an investment value of $286 million. The company signed four agreements with Azerbaijan’s energy minister this year to develop large clean-energy projects, including a 1.5-gigawatt offshore wind farm and a battery energy storage project.
Why it matters
“Our shared vision for a sustainable and decarbonised future transcends competition,” said Marco Arcelli, chief executive of Acwa Power. This strategic alliance underscores the commitment to harness the vast potential of solar and wind energy, furthering the efforts to reduce carbon emissions. Azerbaijan aims to generate 30 per cent of its total power capacity from clean energy sources by 2030.