ACWA Power plans to Develop 500 MW of Renewable Energy Projects
In collaboration with Abu Dhabi Future Energy Co., popularly known as Masdar, Saudi Arabia's ACWA Power intends to build 500 megawatts of renewable energy projects in Azerbaijan. The massive utility company registered in Saudi Arabia, Masdar, and the State Oil Co. of Azerbaijan inked a memorandum of cooperation. The joint venture will support Azerbaijan's efforts to achieve net-zero emissions while advancing the global decarbonization initiative.
“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,” said ACWA Power CEO Marco Arcelli in the statement. Since coming to Azerbaijan in 2019, ACWA Power has helped the country achieve its goals for renewable energy by lowering greenhouse gas emissions, integrating renewable energy, and pursuing all-encompassing decarbonization plans.
In Azerbaijan, ACWA Power is investing $286 million to create a 240MW wind energy facility. The company and the Energy Ministry of Azerbaijan signed four implementation agreements for significant renewable project agreements in February. A 1.5GW offshore wind facility, an onshore 1 gigawatt wind farm, and a battery energy storage project are some of these projects.
The utilities company recently inked a collaboration deal with SOCAR to work together and investigate the green hydrogen space. Through the 230 MW Garadagh solar facility, Masdar has also maintained a presence in Azerbaijan from 2020. The pioneer of sustainable energy in the UAE has also inked contracts to build 4GW worth of solar, wind, and green hydrogen projects. Masdar and Azerbaijan reached a decision in January to increase the aggregate capacity of renewable projects to 10GW spanning several technologies.