Saudi Arabia’s ACWA Power has announced that four separate agreements have been finalised for the development of new renewable energy in Azerbaijan.
The company has signed key implementation agreements with the Ministry of Energy and a cooperation agreement with State Oil Company of Azerbaijan Republic (SOCAR).
The deals with the ministry entails the development of a battery energy storage system, together with implementation agreements for 1GW and 1.5GW of onshore and offshore wind, respectively.
The cooperation agreement reached with SOCAR will ensure collaboration and exploration in the fields of renewable energy and green hydrogen.
The agreements are aimed at enhancing Azerbaijan’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.
“Today marks the expansion of our partnership with ACWA Power through wind power projects at a total capacity of 2.5GW, and the creation of battery energy storage systems for the first time in our country,” said Minister of Energy of Azerbaijan Parviz Shahbazov.
“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. 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.”
“Azerbaijan continues to maintain an upward trajectory towards a cleaner, more sustainable future under the guidance of its wise and forward-thinking leadership,” said Mohammad Abunayyan, ACWA Power Chairman.
“At ACWA Power we greatly value our relationship with our Azerbaijani partners and with the signing of the new agreements today, we are excited to expand our role in accelerating the nation’s energy transformation.”