Four different agreements have been finalized for the development of new renewable energy in the Republic of Azerbaijan, according to ACWA Power, a prominent Saudi developer, investor, and operator of power generating, water desalination, and green hydrogen facilities worldwide.
With a strong public-private partnership model supporting its commitment to lead and facilitate the energy transition, ACWA Power has signed important implementation agreements with the Ministry of Energy and a collaboration agreement with the State Oil Company of the Republic of Azerbaijan (SOCAR).
The new MoU between ACWA Power and the Ministry of Energy of Azerbaijan builds on recent cooperative efforts between the two parties for the SAR 1.1 billion 240 MW wind power plant project. It calls for the creation of a battery energy storage system as well as implementation agreements for 1GW and 1.5GW of onshore and offshore wind, respectively. While the agreement agreed on cooperation with SOCAR will guarantee cooperation and research in the areas of renewable energy and green hydrogen.
His Excellency Parviz Shahbazov, Minister of Energy of Azerbaijan, and Mohammad Abunayyan, Chairman of ACWA Power, signed the implementation agreements for the 1 GW and 1.5 GW wind farms, while Mr. Elnur Soltanov, Deputy Minister, and Raad Al-Saady, Advisor to the Chairman of the Board of ACWA Power, signed the MoU with Battery Energy Storage System (BESS). Mr. Afgan Isayev, advisor to the president, and Raad Al-Saady, advisor to the chairman of the board of ACWA Power, signed a cooperation agreement with SOCAR.
In Azerbaijan, ACWA Power is currently building a 240 MW wind farm project that will generate over one billion kilowatt-hours of power annually. Upon completion, the plant will save over 220 million cubic meters of natural gas and cut carbon emissions by over 400,000 tonnes annually.
2019 saw ACWA Power’s entry into the Azerbaijani market, and the company is still growing there. The business’s public-private partnership model encourages foreign direct investment, which is crucial for the development of energy infrastructure. In addition, the company is utilizing its global energy knowledge for a development that is moving very quickly. The agreements confirm ACWA Power’s dedication to helping Azerbaijan achieve its challenging goals for the integration of renewable energy sources, the reduction of greenhouse gas emissions, and decarbonization.