Saudi Arabia’s ACWA Energy (TADAWUL:2082) on Thursday introduced the signing of 4 clear vitality agreements with Azerbaijan’s Ministry of Power and State Oil Firm of Azerbaijan Republic (SOCAR) that embrace plans for the event of two.5 GW of offshore and onshore wind in Azerbaijan.
The agreements construct on the 240-MW wind farm mission that ACWA Energy is presently putting in in Azerbaijan.
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They embrace two implementation agreements for 1 GW and 1.5 GW of onshore and offshore wind, respectively, in addition to a memorandum of understanding (MoU) for the event of a battery vitality storage system that may be the primary within the nation.
As well as, ACWA Energy has signed a cooperation settlement with SOCAR for partnering within the areas of renewable vitality and inexperienced hydrogen.
“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,” mentioned Azerbaijan’s vitality minister Parviz Shahbazov.
SOCAR additionally just lately signed renewable vitality agreements with Abu Dhabi Future Power Firm, higher often called Masdar.
