BAKU, Azerbaijan, November 10. ACWA Power, Masdar and Azerbaijan’s state oil company SOCAR have signed a Memorandum of Understanding to develop 500MW of renewable energy projects in Nakhchivan Autonomous Republic of the Republic of Azerbaijan, TurkicWorld reports via ACWA Power.

The document was inked 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.

The signing parties to the MoU will see the organisations pool their expertise to expedite the development of renewable energy projects that accelerate decarbonisation and help Azerbaijan achieve its net-zero goals.

In 2019, ACWA Power entered the Azerbaijani market with a commitment to assist the Central Asian nation in achieving its ambitious goals of renewable energy integration, greenhouse gas emissions reduction, and decarbonization. Currently, ACWA Power is in the process of developing a 240MW wind power plant in Azerbaijan, with a total investment of US$286 million. Earlier this year, the company signed four implementation agreements for significant projects, including a 1GW onshore wind farm, a 1.5GW offshore wind farm, and a battery energy storage project, in collaboration with the Azeri Ministry of Energy. Additionally, a cooperation agreement with the State Oil Company of Azerbaijan Republic (SOCAR) has been established, fostering collaboration and exploration in the realms of renewable energy and green hydrogen.