Author: PPD Team Date: 16/01/2025
Masdar, SOCAR Green, and ACWA Power have signed a memorandum of understanding (MoU) to develop 3.5 GW of offshore wind capacity in the Azerbaijan section of the Caspian Sea. These will be the country’s first offshore wind farms, supporting Azerbaijan’s renewable energy, green hydrogen, and water desalination goals.
The MoU was signed by key leaders: Rovshan Najaf (SOCAR), Abdulaziz Alobaidli (Masdar), and Marco Arcelli (ACWA Power). The companies will follow a development roadmap to advance Azerbaijan’s offshore wind sector.
Masdar CEO Mohamed Jameel Al Ramahi emphasized the importance of Azerbaijan as a strategic partner and the potential to accelerate clean energy efforts.
SOCAR president Rovshan Najaf highlighted the MoU’s role in advancing sustainable energy, economic growth, and environmental stewardship in Azerbaijan, targeting net-zero emissions by 2050.
SOCAR Green, launched in 2024, focuses on renewable energy projects, while ACWA Power has been in Azerbaijan since 2019.
Masdar, with renewable projects in 40 countries, aims for a 100GW renewable capacity by 2030 and plans to lead green hydrogen production.