+
Masdar, ACWA Power, SOCAR Green sign MoU for 3.5 GW offshore wind
POWER & RENEWABLE ENERGY

Masdar, ACWA Power, SOCAR Green sign MoU for 3.5 GW offshore wind

Abu Dhabi-based Masdar, Saudi Arabia's ACWA Power, and SOCAR Green, a subsidiary of Azerbaijan’s state oil company SOCAR, have signed a Memorandum of Understanding (MoU) to develop 3.5 gigawatts (GW) of offshore wind capacity in the Caspian Sea, marking the start of Azerbaijan’s first offshore wind farms.

The MoU was signed by SOCAR President Rovshan Najaf, Masdar COO Abdulaziz Alobaidli, and ACWA Power CEO Marco Arcelli. The agreement establishes a roadmap for achieving key milestones to support Azerbaijan’s renewable energy and green hydrogen ambitions.

Masdar CEO Mohamed Jameel Al Ramahi emphasised the strategic partnership and the Caspian Sea’s potential for offshore wind, stating, “This MoU accelerates Azerbaijan’s clean energy vision.” ACWA Power’s CEO Marco Arcelli highlighted the global significance of this collaboration, noting, “This partnership aligns with Azerbaijan’s net-zero goals and strengthens its leadership ahead of hosting COP29.”

SOCAR President Rovshan Najaf underlined the collaboration’s significance, saying, “This agreement is pivotal in leveraging the Caspian Sea’s wind potential and advancing Azerbaijan’s energy transition targets.”

The project adds to Azerbaijan’s renewable energy portfolio, which already includes Masdar’s 230 MW Garadagh solar plant and ACWA Power’s 240 MW Khizi-Absheron wind project, currently under advanced construction. These initiatives aim to boost energy security, create jobs, and drive economic growth in the region. (ET) ?

Abu Dhabi-based Masdar, Saudi Arabia's ACWA Power, and SOCAR Green, a subsidiary of Azerbaijan’s state oil company SOCAR, have signed a Memorandum of Understanding (MoU) to develop 3.5 gigawatts (GW) of offshore wind capacity in the Caspian Sea, marking the start of Azerbaijan’s first offshore wind farms. The MoU was signed by SOCAR President Rovshan Najaf, Masdar COO Abdulaziz Alobaidli, and ACWA Power CEO Marco Arcelli. The agreement establishes a roadmap for achieving key milestones to support Azerbaijan’s renewable energy and green hydrogen ambitions. Masdar CEO Mohamed Jameel Al Ramahi emphasised the strategic partnership and the Caspian Sea’s potential for offshore wind, stating, “This MoU accelerates Azerbaijan’s clean energy vision.” ACWA Power’s CEO Marco Arcelli highlighted the global significance of this collaboration, noting, “This partnership aligns with Azerbaijan’s net-zero goals and strengthens its leadership ahead of hosting COP29.” SOCAR President Rovshan Najaf underlined the collaboration’s significance, saying, “This agreement is pivotal in leveraging the Caspian Sea’s wind potential and advancing Azerbaijan’s energy transition targets.” The project adds to Azerbaijan’s renewable energy portfolio, which already includes Masdar’s 230 MW Garadagh solar plant and ACWA Power’s 240 MW Khizi-Absheron wind project, currently under advanced construction. These initiatives aim to boost energy security, create jobs, and drive economic growth in the region. (ET) ?

Next Story
Infrastructure Urban

Revolt Motors Unveils ‘Azadi From Petrol’ Offer

To mark India’s 78th Independence Day, Revolt Motors, the country’s leading electric motorcycle brand, has introduced its special “Azadi From Petrol” offer, encouraging riders to break free from rising fuel costs and embrace smarter, sustainable mobility.Under this limited-period scheme, customers purchasing any Revolt electric motorcycle can enjoy benefits worth up to Rs 20 million. The package includes zero insurance fees, providing free coverage valued at up to Rs 7 million, along with cash savings of up to Rs 13 million.The initiative highlights Revolt’s mission to make electric ..

Next Story
Infrastructure Energy

Inox Green Signs 182 MW Wind O&M Deal

Inox Green Energy Services Ltd., one of India’s leading renewable energy operations and maintenance (O&M) providers, has signed an agreement with a major diversified Indian conglomerate for the comprehensive O&M of 182 MW of operational wind projects under its renewable energy division.Located across multiple sites in Western India, these projects are integrated with common infrastructure owned by Inox Green. The deal includes converting 82 MW of wind projects from limited-scope to comprehensive O&M, as well as renewing comprehensive O&M for another 100 MW well ahead of sched..

Next Story
Infrastructure Urban

MPL Q1 Profit Rises to Rs 144 Million

Manali Petrochemicals Limited (MPL), a leading petrochemical manufacturer and part of AM International, Singapore, has reported its unaudited consolidated financial results for the quarter ended 30 June 2025.The company posted a consolidated total income of Rs 2.43 billion for the quarter, up from Rs 2.38 billion in the preceding quarter ended 31 March 2025. Profit Before Tax (PBT) stood at Rs 200 million, compared to Rs 159 million in the previous quarter, while Profit After Tax (PAT) rose to Rs 144 million from Rs 108 million. For the full year ended 31 March 2025, MPL recorded a total incom..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?