ACWA Power, a leading Saudi developer, investor and operator of power generation, water desalination and green hydrogen plants worldwide, has announced that four separate agreements have been finalised for the development of new renewable energy in Azerbaijan.
In line with ACWA Power’s commitment to lead and enable energy transition underpinned by its robust public-private partnership model, the company has signed key implementation agreements with the Ministry of Energy and a cooperation agreement with the State Oil Company SOCAR.
Following on from recent collaborative efforts between the two parties for the 240 megawatts (MW) wind power plant project, ACWA Power’s new MoU with Azerbaijan’s Ministry of Energy entails the development of a battery energy storage system, together with implementation agreements for 1 gigawatt (GW) and 1.5GW of onshore and offshore wind, respectively. While the cooperation agreement reached with SOCAR will ensure collaboration and exploration in the fields of renewable energy and green hydrogen.
“Today marks the expansion of our partnership with ACWA Power through wind power projects at a total capacity of 2.5 GW and the creation of battery energy storage systems for the first time in our country,” said Parviz Shahbazov, Minister of Energy of Azerbaijan “These projects are further contributions to the implementation of the state policy which stipulates the development of Azerbaijan as a country of green growth and supplier of green energy. Our collaboration with ACWA Power is key to reducing carbon emissions, accelerating the energy transition, as well as ensuring new capacities for the planned green energy corridor from the Caspian to Europe.”
“Azerbaijan continues to maintain an upward trajectory towards a cleaner, more sustainable future under the guidance of its wise and forward-thinking leadership,” commented Mohammad Abunayyan, ACWA Power Chairman. “At ACWA Power we greatly value our relationship with our Azerbaijani partners and with the signing of the new agreements today, we are excited to expand our role in accelerating the nation’s energy transformation. We look forward to constructive, engaging, and highly valued collaboration with the Ministry of Energy and SOCAR– partnerships that we believe will drive significant achievements and help benefit millions of people.”
The agreements are aimed at enhancing the Republic’s national electricity grid by integrating additional renewable energy sources, as well as positioning the country to broaden its export market and ensuring the population benefits from battery storage and offshore wind capabilities.