ACWA Power, along with Masdar and the State Oil Company of Azerbaijan Republic (SOCAR), have jointly agreed to collaborate on the development of 500 megawatts (MW) of renewable energy initiatives. These projects are slated for implementation within the Nakhchivan Autonomous Republic of Azerbaijan.
The signing parties have come together under this MoU to combine their knowledge and efforts, aiming to fast-track the progress of renewable energy projects that will contribute to decarbonization and support Azerbaijan in reaching its net-zero objectives.
Chief executive of ACWA Power, Marco Arcelli, said “We are thrilled to join forces with Masdar and SOCAR in our commitment to advancing clean energy solutions around the world.”
“Our shared vision for a sustainable and decarbonised future transcends competition.”
“By coming together, ACWA Power, Masdar and SOCAR are demonstrating our unwavering commitment to accelerate decarbonisation efforts globally.”
“We are proud to collaborate in helping Azerbaijan advance towards its net-zero goals, and through this partnership, we aim to set an example for the industry.”
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