In an effort to encourage international climate mitigation, Masdar, the UAE’s green energy powerhouse, has signed a Memorandum of Understanding (MoU) with SOCAR Green, a subsidiary of SOCAR dedicated to sustainable projects, and Saudi listed ACWA Power, the world’s largest private water desalination company, leader in energy transition and the first mover into green hydrogen, to develop 3.5 gigawatts (GW) of offshore wind projects in the Azerbaijan section of the Caspian Sea.
The potential projects would be Azerbaijan’s first offshore wind farms. The agreement supports plans by Azerbaijan to develop renewable energy, green hydrogen and water desalination projects.
The MoU was signed by Rovshan Najaf, President of SOCAR, Abdulaziz Albobaidli, Chief Operating Officer of Masdar, and Marco Arcelli, Chief Executive Officer of AcWA Power. Under the agreement, the signing parties will follow a Corporation Roadmap to identify key development milestones they want to achieve in the development of offshore wind in the country.
“Azerbaijan is a key strategic partner for Masdar, and the signing of this MoU with our partners paves the way to accelerate the scale of Azerbaijan’s clean energy vision”, said Mohammed Jameel Al Ramahi, CEO of Masdar.
The new offshore wind projects will contribute to Azerbaijan’s growing renewable energy portfolio and complement Masdar’s existing projects, which include the landmark 230MW capacity Garadagh Solar Power Plant, along with the 315MW Neftchala Solar Power Plant and the 445MW Bilasuvar Solar Power Plant, both jointly devoted with SOCAR Green.
These initiatives are designed to enhance security, create jobs and drive sustainable economic growth in Azerbaijan. This aligns with the consortium’s commitment to support Azerbaijan’s transition to net zero emissions by 2050.