Abu Dhabi-based Masdar, Saudi Arabia’s ACWA Power, and the State Oil Company of the Republic of Azerbaijan (SOCAR) have teamed up to explore the development of 3.5 GW of offshore wind projects in Azerbaijan.
The companies have signed a memorandum of understanding (MoU) at COP29 in Baku, Azerbaijan.
Expanding on existing partnerships, the MoU aims to develop offshore wind projects for the first time in the country, said the companies.
The agreement is said to support plans by Azerbaijan to develop renewable energy, green hydrogen, and water desalination projects.
“United by a shared vision for a sustainable, decarbonised future, this partnership supports Azerbaijan’s net-zero ambitions and sets a strong industry example” , said Marco Arcelli , CEO of ACWA Power.
In January 2023, SOCAR and Masdar entered into a partnership to develop offshore wind and green hydrogen projects totalling 2 GW in capacity.
In August this year, the Azerbaijan Renewable Energy Agency (AREA) announced it would soon start wind measurement campaigns to assess offshore wind resources at two locations.
According to the World Bank and ESMAP, Azerbaijan’s technical offshore wind potential is 157 GW, of which 35 GW is suitable for fixed-bottom projects and 122 GW for floating wind.