ACWA Power, Masdar and State Oil Company of Azerbaijan Republic (SOCAR) have inked a memorandum of understanding (MoU) to build 500 MW of renewable energy projects in Nakhchivan Autonomous Republic of the Republic of Azerbaijan. Reportedly, Chief Investment Officer of ACWA Power, Chief Executive Officer of Masdar, and Vice President of SOCAR inked the MoU.

The three companies which signed the MoU will collaborate on their expertise in order to speed the development of renewable energy projects that will promote decarbonization and support Azerbaijan reach its net-zero ambitions.

In October 2023, ACWA Power inked a MoU with Zenith Energy Terminals, GasLog, and the Port of Amsterdam to investigate the feasibility of establishing a green hydrogen export corridor between ACWA Power’s global hydrogen production sites and the Port of Amsterdam. The MoU was executed by the companies on October 23, 2023, during the Saudi-EU Investment Forum in Riyadh.

REGlobal’s Views: With the global focus on energy transition and decarbonisation, new renewable energy investment hotspots are emerging across the globe, as these countries reduce their fossil fuel imports. One of these markets, Azerbaijan is attempting to meet 30 per cent of its domestic energy needs with renewables by 2030. Masdar and ACWA Power have been rapidly expanding their reach and building their portfolio across many of such emerging but highly attractive markets in Asia and Middle East.