The company has signed key implementation agreements with the Ministry of Energy and a cooperation agreement with State Oil Company of Azerbaijan Republic (SOCAR).
Following on from recent collaborative efforts between the two parties for the SAR 1.1 billion 240 MW wind power plant project, ACWA Power’s new MoU with Azerbaijan’s Ministry of Energy entails the development of a battery energy storage system, together with implementation agreements for 1 GW and 1.5 GW of onshore and offshore wind, respectively. While the cooperation agreement reached with SOCAR will ensure collaboration and exploration in the fields of renewable energy and green hydrogen.
“These projects are further contributions to the implementation of the state policy which stipulates the development of Azerbaijan as a country of green growth and supplier of green energy” said His Excellency Parviz Shahbazov, Minister of Energy of Azerbaijan. “Our collaboration with ACWA Power is key to reducing carbon emissions, accelerating the energy transition, as well as ensuring new capacities for the planned green energy corridor from the Caspian to Europe.”
The agreements are aimed at enhancing the Republic’s national electricity grid by integrating additional renewable energy sources, as well as positioning the country to broaden its export market and ensuring the population benefits from battery storage and offshore wind capabilities.
ACWA Power is currently implementing a 240 MW wind farm project in Azerbaijan, which is expected to produce around one billion kilowatt-hours of electricity per year. The plant will save about 220 million cubic metres of natural gas and reduce carbon emissions by more than 400,000 tonnes per year upon completion.
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