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

18 Nov 2024 CW Team

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) ?

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