SOCAR, Masdar, and ACWA Power ink Memorandum of Understanding

A Memorandum of Understanding for cooperation on 3.5 gigawatts (GW) wind power generation in the Azerbaijani sector of the Caspian Sea was signed between the State Oil Company of Azerbaijan (SOCAR), UAE's Masdar, and Saudi Arabia's ACWA Power on the sidelines of COP29, Report informs, citing SOCAR.

SOCAR President Rovshan Najaf, Masdar CEO Mohammed Jameel Al-Ramahi, and ACWA Power CEO Marco Arcelli signed the memorandum.

Under the planned project, Azerbaijan's first offshore wind farms will be constructed. The document serves to expand the partnership between the parties following last year's agreement in Nakhchivan regarding the implementation of renewable energy projects with a total capacity of 500 MW.