ACWA Power, the world’s largest private water desalination company and a leader in energy transition and green hydrogen has signed a Memorandum of Understanding (MoU) with Masdar, a global leader in renewable energy and sustainable urban development, and SOCAR, the national oil and gas company of Azerbaijan, to establish a limited liability company that will deliver 500MW of renewable energy projects in Nakhchivan Autonomous Republic of Azerbaijan.
The MoU was signed by Thomas Brostrom, Chief Investment Officer of ACWA Power, Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Afgan Isayev, Vice President of SOCAR. The partnership will combine the expertise and experience of the three organisations to accelerate the development and deployment of renewable energy solutions that support decarbonisation and help Azerbaijan achieve its net-zero goals.
Marco Arcelli, Chief Executive Officer of ACWA Power, said: “We are excited to partner with Masdar and SOCAR in our commitment to advancing clean energy solutions around the world. Our shared vision for a sustainable and decarbonised future transcends competition. By working together, ACWA Power, Masdar, and SOCAR are demonstrating our unwavering commitment to accelerate decarbonisation efforts globally. We are proud to collaborate in helping Azerbaijan progress towards its net-zero goals, and through this partnership, we aim to set an example for the industry.”
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: “We’re pleased to join forces with our strategic partners to further the global energy transition and accelerate the development and deployment of renewable energy. This builds on Masdar’s existing partnership with Azerbaijan for the 230MW Garadagh Solar PV plant, the largest in the region. With plans to develop a potential pipeline of up to 10GW of renewable energy projects in the Central Asia nation, this latest collaboration in Nakhchivan will further strengthen Azerbaijan’s net-zero ambitions. Our alliance with ACWA Power and SOCAR demonstrates our shared goal of supporting countries to diversify their energy mix and decarbonise economies for a greener, cleaner future.”
Afgan Isayev, Vice-President of SOCAR, said: “We are happy to announce the formalisation of the tripartite collaboration between SOCAR and our esteemed partners, Masdar and ACWA Power, consolidating our aspiration to advancing renewable energy initiatives in Azerbaijan. Building upon our existing collaboration with Masdar and our ongoing cooperation with ACWA Power, this partnership represents a significant milestone in our journey toward a sustainable energy future. This strategic alliance underscores our dedication to harnessing the vast potential of solar and wind energy, furthering our efforts to reduce carbon emissions, and fostering economic growth in our region. We are excited to embark on this path of energy transition, ultimately contributing to a greener and more prosperous Azerbaijan.”