The three companies signed a memorandum of understanding (MoU) that formalises the existing collaboration between them and solidifies their “aspiration to advance renewable energy initiatives in Azerbaijan”, said Afgan Isayev, vice-president of SOCAR.
Masdar chief executive Mohamed Jameel Al Ramhi said his company had plans to develop a pipeline of up to 10GW of renewable energy projects in the Central Asia country.
ACWA Power entered the Azerbaijan market in 2019, where it is constructing the 240MW Khizi-Absheron wind farm, expected online next year.
Earlier this year, it signed implementation agreements with the Azeri ministry of energy for a 1GW onshore wind farm and a 1.5GW offshore wind farm with storage. It has an agreement with SOCAR for collaboration and exploration in renewable energy and green hydrogen.
Masdar has been active in Azerbaijan since 2020. It developed the 230MW Garadagh solar plant, which started operation in October. It has signed agreements to develop integrated offshore wind and green hydrogen projects and onshore wind and solar projects with a total combined capacity of 4GW.
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