Gulf Construction Online - Masdar, Acwa Power in deal to develop 3.5GW Azeri wind projects

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Masdar, Acwa Power in deal to develop 3.5GW Azeri wind projects

14-11-2024

Abu Dhabi Future Energy Company (Masdar) has announced that it has signed a MoU with Socar Green, a subsidiary of State Oil Company of the Republic of Azerbaijan (Socar) dedicated to sustainable projects, and Saudi-listed Acwa Power, the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen, to develop 3.5GW of offshore wind projects in the Azerbaijan section of Caspian Sea.

Under the agreement, the signing parties will follow a Corporation Roadmap to identify key development milestones they want to achieve in the development of offshore wind in the country.

The potential projects would be Azerbaijan’s first offshore wind farms, stated the UAE’s clean energy powerhouse.

The agreement supports plans by Azerbaijan to develop renewable energy, green hydrogen and water desalination projects, said Rovshan Najaf, President of Socar, after signing the deal with Abdulaziz Alobaidli, the Chief Operating Officer of Masdar, and Marco Arcelli, the CEO of Acwa Power.

"It represents an important step forward in our journey towards a sustainable energy future. By leveraging the combined expertise of Socar, Masdar, and Acwa Power, we aim to unlock the vast offshore wind potential of the Caspian Sea, supporting Azerbaijan’s energy transition targets," he stated.

"These projects not only reflect our dedication to clean energy but also to economic growth and environmental stewardship for future generations," he added.

Al Ramahi said: "Azerbaijan is a key strategic partner for Masdar and the signing of this MoU with our partners today paves the way to accelerate the scale of Azerbaijan’s clean energy vision."

"We are proud to expand our partnership with ACWA Power and SOCAR to further explore renewable energy projects in the region, especially the enormous offshore wind potential in the Caspian Sea," he stated.

Arcelli said: "We are excited to build on our collaboration with Masdar and Socar to advance clean energy globally. United by a shared vision for a sustainable, decarbonised future, this partnership supports Azerbaijan’s net-zero ambitions and sets a strong industry example."

"With COP29 hosted by Azerbaijan, the country’s leadership in renewable energy, including offshore wind, will be pivotal in shaping the global sustainability agenda," he added.

The new offshore wind projects will contribute to Azerbaijan’s growing renewable energy portfolio and complement Masdar’s existing projects, which include Masdar’s landmark 230MW capacity Garadagh solar power plant, along with the 315MW Neftchala Solar Power Plant and 445MW Bilasuvar Solar Power Plant, both jointly developed with Socar Green; and Acwa Power’s 240MW Khizi-Absheron wind power plant.

These initiatives are designed to enhance energy security, create jobs and drive sustainable economic growth in Azerbaijan. This aligns with the consortium’s commitment to support Azerbaijan’s transition to net-zero emissions by 2050.-TradeArabia News Service