ACWA Power to Work with Masdar and SOCAR for a 500MW Renewable Project in Azerbaijan
From：
Zhonglin International Group Date：11-14 1013 Belong to：Industry Related
This week, Saudi ACWA Power, the world's largest private desalination company and leader in energy transformation and green hydrogen, signed a memorandum of understanding with Masdar, the global leader in renewable energy and sustainable urban development in the United Arab Emirates, and SOCAR, the national oil and gas company of Azerbaijan.
The three parties will jointly invest in establishing a limited liability company to develop and construct a 500 MW renewable energy project in the Nakhchivan Autonomous Republic of Azerbaijan.
This memorandum of understanding 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. This partnership will integrate the knowledge and experience of three companies in their respective professional fields, accelerate the development and construction of renewable energy solutions, support Azerbaijan in achieving carbon neutrality as soon as possible, and accelerate Azerbaijan's net zero target.
Marco Arcelli, ACWA Power's CEO, said, "We are pleased to have a tripartite partnership with Masdar and SOCAR to promote clean energy solutions globally. Our shared vision for a sustainable and decarbonized future goes beyond our competitive relationships. Through collaboration, ACWA Power, Masdar, and SOCAR are demonstrating our firm commitment to accelerating global decarbonization efforts. We are proud to collaborate to help Azerbaijan achieve its net zero goal, and through this partnership, our goal is to set an example for the industry."
Mohammed Jameel Al Ramahi, CEO of Masdar, said, "We are pleased to work with strategic partners to promote global energy transformation and accelerate the development and construction of renewable energy. This will accelerate the construction of the largest photovoltaic power station in Azerbaijan, the 2300MW Garadagh project.".
Azerbaijan plans to develop a 10GW renewable energy project within its borders, and the latest cooperation in the Nahchevan region will further promote Azerbaijan's net zero emissions initiative. The tripartite cooperation alliance we have established with ACWA Power and SOCAR reflects our common goal of supporting countries in achieving diversified energy structures and economic decarbonization, in order to achieve a greener and cleaner future.
Afgan Isayev, Vice President of SOCAR, said, "We are pleased to announce the official establishment of the tripartite cooperation between SOCAR and Masdar and ACWA Power, which further consolidates our desire to advance Azerbaijan's renewable energy plan.".
