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Eye of Dubai
Business & Money | Monday 22 April, 2024 2:46 pm |
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"ACWA Power" and "SOCAR" Forge Partnership to Drive Renewable Energy Development in Azerbaijan

Saudi-listed ACWA Power, the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen, and SOCAR, the State Oil Company of the Azerbaijan Republic, announce the signing of a groundbreaking Cooperation Agreement aimed at accelerating the development of renewable energy projects in Azerbaijan. 

 

The initial Cooperation Agreement, signed on February 2, 2023, marks a significant milestone in the country's journey towards a sustainable future. Building on that, SOCAR and "ACWA Power" further strengthened their partnership by signing an additional Agreement on Cooperation on April 16, 2024. This new agreement focuses on the joint evaluation of the "Low-Carbon / Green Fertilizer" project, highlighting the commitment of both parties to exploring new avenues for sustainable development.

 

Under this partnership, SOCAR and ACWA Power will collaborate on assessing the production of green hydrogen in order to support the decarbonization of SOCAR Downstream assets, with an initial focus on SOCAR Carbamide fertilizer facility, towards more value added low carbon products, leveraging the renewable energy development ongoing in the country. 

 

As part of the project, SOCAR and ACWA Power will conduct feasibility studies to assess the potential production and sale of green fertilizers, aligning with Azerbaijan's vision of achieving a clean environment and embracing green growth. ACWA Power will take a leading role in driving renewable energy and green hydrogen production aspects of the project, bringing their expertise to bear on this critical initiative.

 

Marco Arcelli, CEO of ACWA Power, expressed: "I am proud to announce our collaboration with SOCAR to ignite a new era of renewable energy development in Azerbaijan. With our shared vision and commitment to sustainability, this partnership will not only drive innovation but also pave the way for a cleaner and brighter future for this country."

 

Anar Mammadov, Vice president of SOCAR at SOCAR, expressed enthusiasm for the collaboration, stating, "Azerbaijan is committed to building a sustainable future, and our partnership with ACWA Power underscores our shared dedication to driving renewable energy development in the region. Together, we will work towards realizing our vision of a cleaner, greener Azerbaijan." 

 

"The cooperation with ACWA Power represents a significant step forward in Azerbaijan's transition towards a low-carbon economy and underscores the commitment of both organisations to sustainable development practices", he added.

 

It is noteworthy that ACWA Power is currently in the process of constructing Azerbaijan's and the region's largest 240 MW wind power plant in the Absheron-Khizi regions at an investment cost of USD 345 million.

 

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