ACWA Power and SOCAR partner to advance RE projects in Azerbaijan

The Saudi-based firm is developing a 240 MW wind power plant in Azerbaijan.

Saudi Arabia’s ACWA Power signed a cooperation agreement with the State Oil Company of the Azerbaijan Republic (SOCAR) to boost the development of renewable energy projects.

Under the partnership, ACWA and SOCAR will study the production of green hydrogen to support the decarbonisation of SOCAR’s downstream assets focusing first on the Azerbaijan-based firm’s Carbamide fertiliser facility.

The facility will shift to more value-added low carbon products that use renewable energy.

The two companies will also partner for feasibility studies to assess the potential production and sale of green fertilisers.

ALSO READ: ACWA Power inks $3b debt financing for 3,600 MW CCGT projects

ACWA Power said it will lead in developing renewable energy and green hydrogen production under the partnership, noting that it is constructing the country’s and the Absheron-Khizi region’s largest 240-megawatt wind power plant with an investment cost of $345m.

ACWA and SOCA signed an initial cooperation deal in February 2023, strengthened by the additional cooperation agreement in April 2023 focusing on the “low-carbon/green fertiliser” project.

Follow the link for more news on

ACWA Power

Also Read

NSW OKs Liverpool Range Wind Farm expansion

SPNEC faces delays in project over right-of-way, grid connection issues

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

India’s Rajasthan and Gujarat need policy reforms to fuel RE transition

Some steps they could take are implementing green tariffs and setting infrastructure funds.

8 hours ago

Global clean energy tech market to hit $2t by 2035

This is fuelled by investments as countries aim to enhance energy security.The global clean energy technology market is projected to grow from $700b in 2023 to over $2t by 2035, nearing the scale of the crude oil market, according to the International Energy Agency (IEA).This growth is fuelled by significant investments in clean technology manufacturing as countries aim to enhance energy security, maintain economic competitiveness, and cut emissions. Investment is concentrated in regions with established positions in clean energy, particularly China, the European Union, the UK, and increasingly, India.Whilst the US, EU, and India have taken measures to support their clean energy sectors, China is expected to remain the world's manufacturing hub. By 2035, China's clean technology exports are forecasted to exceed $340b—comparable to projected oil export revenues from Saudi Arabia and the UAE.Southeast Asia, Latin America, and Africa contribute less than 5% of global cleantech production value, yet the IEA suggests that these areas still hold opportunities within the clean energy economy. Developing economies, for instance, could leverage competitive advantages to advance in the value chain beyond resource extraction.The IEA said Southeast Asia could become one of the most cost-effective regions for producing polysilicon and wafers for solar panels over the next decade.

9 hours ago

NSW OKs Liverpool Range Wind Farm expansion