Masdar, SOCAR Green and ACWA Power Join Hands to Develop 3.5 GW Offshore Wind Projects in Azerbaijan
Abu Dhabi-based renewable energy company Masdar has signed an MoU with Saudi-based ACWA Power and SOCAR Green, a subsidiary of Azerbaijan's state oil company SOCAR to develop 3.5 GW of offshore wind projects in the Azerbaijan section of the Caspian Sea. It would be the country’s first offshore wind farm.
November 15, 2024. By Mrinmoy Dey
The potential projects would be Azerbaijan’s first offshore wind farms. The agreement supports plans by Azerbaijan to develop renewable energy, green hydrogen and water desalination projects.
The MoU was signed by Rovshan Najaf, President of SOCAR, Abdulaziz Alobaidli, Chief Operating Officer of Masdar, and Marco Arcelli, Chief Executive Officer of ACWA Power. Under the agreement, the signing parties will follow a Corporation Roadmap to identify key development milestones they want to achieve in the development of offshore wind in the country.
Commenting on the development, Mohamed Jameel Al Ramahi, CEO of Masdar, said, “Azerbaijan is a key strategic partner for Masdar and the signing of this Memorandum of Understanding with our partners today paves the way to accelerate the scale of Azerbaijan’s clean energy vision. We are proud to expand our partnership with ACWA Power and SOCAR to further explore renewable energy projects in the region, especially the enormous offshore wind potential in the Caspian Sea.”
Marco Arcelli, Chief Executive Officer of ACWA Power, stated, “We are excited to build on our collaboration with Masdar and SOCAR to advance clean energy globally. United by a shared vision for a sustainable, decarbonised future, this partnership supports Azerbaijan’s net-zero ambitions and sets a strong industry example. With COP29 hosted by Azerbaijan, the country’s leadership in renewable energy, including offshore wind, will be pivotal in shaping the global sustainability agenda.”
Rovshan Najaf, President of SOCAR, remarked, “This agreement represents an important step forward in our journey towards a sustainable energy future. By leveraging the combined expertise of SOCAR, Masdar, and ACWA Power, we aim to unlock the vast offshore wind potential of the Caspian Sea, supporting Azerbaijan’s energy transition targets. These projects not only reflect our dedication to clean energy but also to economic growth and environmental stewardship for future generations.”
The new offshore wind projects will contribute to Azerbaijan’s growing renewable energy portfolio and complement Masdar’s existing projects, which include Masdar’s landmark 230 MW capacity Garadagh solar power plant, along with the 315 MW Neftchala Solar Power Plant and 445 MW Bilasuvar Solar Power Plant, both jointly developed with SOCAR Green; and ACWA Power’s 240 MW Khizi-Absheron wind power plant.
These initiatives are designed to enhance energy security, create jobs and drive sustainable economic growth in Azerbaijan. This aligns with the consortium’s commitment to support Azerbaijan’s transition to net-zero emissions by 2050.
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