Azerbaijan"s SOCAR Signs MoU with "Masdar" and ACWA Power

The document marks the establishment of Azerbaijan's first offshore wind power plants. It also outlines plans to enhance collaboration on last year’s renewable energy projects, totaling 500 MW, in Nakhchivan.

Photo: Azertac

SOCAR, the State Oil Company of Azerbaijan, Masdar from the UAE, and Saudi Arabia's ACWA Power signed a memorandum of understanding at COP29 to collaborate on developing 3.5 gigawatts (GW) of offshore wind projects in Azerbaijan's section of the Caspian Sea, The Caspian Post reports.

The document, signed by Rovshan Najaf (SOCAR President), Mohamed Jameel Al Ramahi (Masdar CEO), and Marco Arcelli (ACWA Power CEO), marks the establishment of Azerbaijan's first offshore wind power plants. It also outlines plans to enhance collaboration on last year’s renewable energy projects, totaling 500 MW, in Nakhchivan.