Masdar, SOCAR Green, and ACWA Power signed an MoU to develop Azerbaijan’s first offshore wind farms, advancing renewable energy. The 3.5-GW projects in the Caspian Sea’s Azerbaijani section mark a key milestone in the country’s renewable energy journey.
Collaborative Vision for Renewable Energy
The MoU, signed by Rovshan Najaf, President of SOCAR; Abdulaziz Alobaidli, COO of Masdar; and Marco Arcelli, CEO of ACWA Power, outlines a Corporation Roadmap to identify the critical milestones necessary for developing offshore wind capabilities in Azerbaijan.
This agreement highlights the parties’ commitment to advancing renewable energy and supporting the region’s decarbonisation efforts.
Mohamed Jameel Al Ramahi, CEO of Masdar, said, “Azerbaijan is a key strategic partner for Masdar and the signing of this Memorandum of Understanding with our partners today paves the way to accelerate the scale of Azerbaijan’s clean energy vision.
He added, “We are proud to expand our partnership with ACWA Power and SOCAR to further explore renewable energy projects in the region, especially the enormous offshore wind potential in the Caspian Sea.”
Also read: Masdar Signs Investment Agreement for 1GW Wind Farm in Kazakhstan
Advancing Azerbaijan’s Clean Energy Goals
The new offshore wind projects align with Azerbaijan’s broader renewable energy goals, complementing an array of existing clean energy initiatives.
Masdar has contributed the 230 MW Garadagh Solar Plant and joint ventures with SOCAR Green, including the Neftchala and Bilasuvar plants.
Additionally, ACWA Power, which entered the Azerbaijani market in 2019, is advancing its 240 MW Khizi-Absheron wind project.
The offshore wind projects will strengthen Azerbaijan’s renewable energy, improve energy security, create jobs, and drive sustainable economic growth.
These initiatives align with Azerbaijan’s commitment to achieving net-zero emissions by 2050.
Also read: Masdar to Develop 1GW Wind Farm in Uzbekistan
Established in 2024, SOCAR Green spearheads Azerbaijan’s renewable energy transition, focusing on large-scale solar, wind, and green hydrogen projects. The company collaborates with international energy leaders to help Azerbaijan meet its ambitious climate targets.
ACWA Power, a leader in energy transition and green hydrogen, has supported Azerbaijan’s decarbonisation objectives.
In contrast, Masdar aims to grow its global portfolio to 100 GW and lead in green hydrogen by 2030.