Masdar, ACWA Power, SOCAR Green Signs MOU for 3.5GW wind projects in Azerbaijan
16 November 2024
Masdar, the UAE’s clean energy powerhouse, has signed a Memorandum of Understanding (MoU) with SOCAR Green, a wholly-owned subsidiary of 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 3.5 gigawatts (GW) of offshore wind projects in the Azerbaijan section of the Caspian Sea.
The potential projects would be Azerbaijan’s first offshore wind farms. The agreement supports plans by Azerbaijan to develop renewable energy, green hydrogen and water desalination projects.
The MoU was signed by Rovshan Najaf, President of SOCAR, Abdulaziz Alobaidli, Chief Operating Officer of Masdar, and Marco Arcelli, Chief Executive Officer of ACWA Power.
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 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.
Related
-
Skanska lands $250m Boston airport parking garage contract
27 June 2025
-
Cimic company to expand Queensland mine for $1.5bn
27 June 2025
-
Dubai tenders Al-Maktoum airport substructure
27 June 2025
-
Systra wins France’s biggest high-speed rail project
25 June 2025
-
Nigeria secures $3.5 Billion Afreximbank funding for Bakassi deep seaport
24 June 2025
-
ArcelorMittal drops German green steel plans despite €1.3bn subsidy
24 June 2025