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.

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