Saudi Giant ACWA Power Signs Agreement to Boost Renewable Projects in Azerbaijan
In a groundbreaking move, Saudi energy powerhouse ACWA Power is set to accelerate the development of renewable projects in Azerbaijan with a new agreement. Known for its impressive green hydrogen storage capacity, the private water desalination company has finalized a deal with SOCAR, the State Oil Company of the Azerbaijan Republic.
This collaboration stems from an initial cooperation understanding inked in February 2023 and is focused on the joint evaluation of the “Low-Carbon/Green Fertilizer” project. The aim is to produce green hydrogen to support the decarbonization of SOCAR downstream assets.
ACWA Power’s CEO, Marco Arcelli, expressed his enthusiasm, stating, “I am proud to announce our collaboration with SOCAR to ignite a new era of renewable energy development in Azerbaijan. This partnership will drive innovation and pave the way for a cleaner and brighter future for the country.”
The agreement’s primary goal is to enhance SOCAR’s carbamide fertilizer facility, aiming for more value-added low-carbon products. Feasibility studies will be conducted to explore the production and sale of green fertilizers, aligning with Azerbaijan’s clean environment vision.
ACWA Power will lead the project’s renewable energy and green hydrogen production aspects, leveraging their expertise to drive the initiative forward.
Anar Mammadov, vice president of SOCAR, emphasized the commitment to a sustainable future, stating, “Our partnership with ACWA Power underscores our dedication to renewable energy development in the region. Together, we will work towards a cleaner, greener Azerbaijan.”
This collaboration marks a significant step in Azerbaijan’s transition to a low-carbon economy and highlights the commitment to sustainable development practices by both organizations.
Prior to this agreement, Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman and Azerbaijan’s Minister of Environment and Natural Resources Mukhtar Babayev discussed opportunities for collaboration in renewables. The meeting focused on achieving the goals of the UN Framework Convention on Climate Change and the Paris Agreement.