ACWA Power and Masdar Join Forces for 500MW RE Projects in Azerbaijan
ACWA Power has been actively involved in Azerbaijan's green initiatives since 2019, contributing to renewable energy integration, reducing greenhouse gas emissions, and supporting comprehensive decarbonisation strategies.
November 09, 2023. By News Bureau
In a press statement, ACWA Power CEO Marco Arcelli expressed enthusiasm about 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.”
ACWA Power has been actively involved in Azerbaijan's green initiatives since 2019, contributing to renewable energy integration, reducing greenhouse gas emissions, and supporting comprehensive decarbonisation strategies.
Presently, ACWA Power is working on a 240MW wind energy project in Azerbaijan, with a budget of USD 286 million. The company had previously signed four implementation agreements with Azerbaijan’s Energy Ministry in February 2023, encompassing a 1 gigawatt (GW) onshore wind farm, a 1.5GW offshore wind installation, and a battery energy storage initiative.
The collaboration extends beyond electricity generation, as ACWA Power also inked a cooperation agreement with SOCAR to explore the field of green hydrogen. This multi-faceted approach aims to address various aspects of sustainable energy and support Azerbaijan in its ambitious net-zero goals.
Masdar, a clean energy pioneer from the UAE, has been present in Azerbaijan since 2020 through the 230MW Garadagh solar plant. The company has signed agreements for wind, solar, and green hydrogen projects with a combined capacity of 4GW.
In January, Masdar and Azerbaijan set the stage for expanding the total capacity for renewable projects to 10GW across multiple technologies.
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