The Abu Dhabi future energy company Masdar, clean energy company SOCAR Green and ACWA Power, a water desalination company, have signed a memorandum of understanding (MoU) to collaborate on the development of 3.5GW offshore wind projects in the Azerbaijan section of the Caspian Sea.
They would be the country’s first offshore wind farms and form part of Azerbaijan’s strategy to embrace renewable energy, green hydrogen and water desalination projects.
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The MoU was formalised by Rovshan Najaf, president of SOCAR, Abdulaziz Alobaidli, chief operations officer of Masdar, and Marco Arcelli, CEO of ACWA Power.
The parties will adhere to a corporation roadmap outlining crucial development milestones for Azerbaijan’s offshore wind sector.
Masdar CEO Mohamed Jameel Al Ramahi stated: “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.
“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.”
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By GlobalDataThe proposed offshore wind farms will enhance Azerbaijan’s renewable energy portfolio and augment existing initiatives by Masdar and SOCAR Green. These include the Garadagh, Neftchala and Bilasuvar solar power plants with 230MW, 315MW and 445MW capacities respectively.
They will also complement ACWA Power’s Khizi-Absheron wind power plant, which has an installed capacity of 240MW.
The projects will enhance energy security, generate employment and foster sustainable economic growth in line with Azerbaijan’s goal to achieve net zero emissions by 2050.
SOCAR president Rovshan Najaf stated: “This agreement represents an important step forward in our journey towards a sustainable energy future.
“By leveraging the combined expertise of SOCAR, Masdar and ACWA Power, we aim to unlock the vast offshore wind potential of the Caspian Sea, supporting Azerbaijan’s energy transition targets. These projects not only reflect our dedication to clean energy but also to economic growth and environmental stewardship for future generations.”
SOCAR Green, established in 2024 as a subsidiary of Azerbaijani energy company SOCAR, supports the nation’s shift towards renewable energy through large-scale solar, wind and green hydrogen projects.
ACWA Power has been active in Azerbaijan since 2019, focusing on aiding the country in reaching its renewables integration targets and greenhouse gas emissions reduction goals.
With renewable energy ventures across 40 countries, Masdar aims to expand its renewable portfolio capacity to 100GW by 2030 and become a leading green hydrogen producer.
In June 2024, Masdar commenced construction on three solar and wind projects alongside SOCAR in Azerbaijan with a combined 1GW capacity.
The groundbreaking ceremony coincided with Baku Energy Week.
