Masdar, ACWA Power, SOCAR Green sign MoU for 3.5 GW offshore wind
18 Nov 2024
2 Min Read
CW Team
Abu Dhabi-based Masdar, Saudi Arabia's ACWA Power, and SOCAR Green, a subsidiary of Azerbaijan鈥檚 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鈥檚 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鈥檚 renewable energy and green hydrogen ambitions.
Masdar CEO Mohamed Jameel Al Ramahi emphasised the strategic partnership and the Caspian Sea鈥檚 potential for offshore wind, stating, 鈥淭his MoU accelerates Azerbaijan鈥檚 clean energy vision.鈥� ACWA Power鈥檚 CEO Marco Arcelli highlighted the global significance of this collaboration, noting, 鈥淭his partnership aligns with Azerbaijan鈥檚 net-zero goals and strengthens its leadership ahead of hosting COP29.鈥�
SOCAR President Rovshan Najaf underlined the collaboration鈥檚 significance, saying, 鈥淭his agreement is pivotal in leveraging the Caspian Sea鈥檚 wind potential and advancing Azerbaijan鈥檚 energy transition targets.鈥�
The project adds to Azerbaijan鈥檚 renewable energy portfolio, which already includes Masdar鈥檚 230 MW Garadagh solar plant and ACWA Power鈥檚 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鈥檚 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鈥檚 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鈥檚 renewable energy and green hydrogen ambitions.
Masdar CEO Mohamed Jameel Al Ramahi emphasised the strategic partnership and the Caspian Sea鈥檚 potential for offshore wind, stating, 鈥淭his MoU accelerates Azerbaijan鈥檚 clean energy vision.鈥� ACWA Power鈥檚 CEO Marco Arcelli highlighted the global significance of this collaboration, noting, 鈥淭his partnership aligns with Azerbaijan鈥檚 net-zero goals and strengthens its leadership ahead of hosting COP29.鈥�
SOCAR President Rovshan Najaf underlined the collaboration鈥檚 significance, saying, 鈥淭his agreement is pivotal in leveraging the Caspian Sea鈥檚 wind potential and advancing Azerbaijan鈥檚 energy transition targets.鈥�
The project adds to Azerbaijan鈥檚 renewable energy portfolio, which already includes Masdar鈥檚 230 MW Garadagh solar plant and ACWA Power鈥檚 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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