• Memorandum of Understanding (MoU) signed at COP29 in Baku, Azerbaijan
  • Expanding on existing partnerships, MoU aims to develop offshore wind projects for the first time in Azerbaijan
  • Projects to support Azerbaijan’s and region’s energy transition targets

Baku, Azerbaijan, COP29: Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, has signed a Memorandum of Understanding (MoU) with SOCAR Green, a wholly-owned subsidiary of SOCAR dedicated to sustainable projects, and Saudi-listed ACWA Power, the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen, to develop 3.5 gigawatts (GW) of offshore wind projects in the Azerbaijan section of the Caspian Sea.

The potential projects would be Azerbaijan’s first offshore wind farms. The agreement supports plans by Azerbaijan to develop renewable energy, green hydrogen and water desalination projects.

The MoU was signed by Rovshan Najaf, President of SOCAR, Abdulaziz Alobaidli, Chief Operating Officer of Masdar, and Marco Arcelli, Chief Executive Officer of ACWA Power.

Under the agreement, the signing parties will follow a Corporation Roadmap to identify key development milestones they want to achieve in the development of offshore wind in the country.

Mohamed Jameel Al Ramahi, CEO of Masdar, said: “Azerbaijan is a key strategic partner for Masdar and the signing of this Memorandum of Understanding with our partners today paves the way to accelerate the scale of Azerbaijan’s clean energy vision. We are proud to expand our partnership with ACWA Power and SOCAR to further explore renewable energy projects in the region, especially the enormous offshore wind potential in the Caspian Sea.” 

Marco Arcelli, Chief Executive Officer of ACWA Power, said: “We are excited to build on our collaboration with Masdar and SOCAR to advance clean energy globally. United by a shared vision for a sustainable, decarbonised future, this partnership supports Azerbaijan’s net-zero ambitions and sets a strong industry example. With COP29 hosted by Azerbaijan, the country’s leadership in renewable energy, including offshore wind, will be pivotal in shaping the global sustainability agenda.”

Rovshan Najaf, President of SOCAR, said: “This agreement represents an important step forward in our journey towards a sustainable energy future. By leveraging the combined expertise of SOCAR, Masdar, and ACWA Power, we aim to unlock the vast offshore wind potential of the Caspian Sea, supporting Azerbaijan’s energy transition targets. These projects not only reflect our dedication to clean energy but also to economic growth and environmental stewardship for future generations.”

The new offshore wind projects will contribute to Azerbaijan’s growing renewable energy portfolio and complement Masdar’s existing projects, which include Masdar’s landmark 230MW capacity Garadagh solar power plant, along with the 315MW Neftchala Solar Power Plant and 445MW Bilasuvar Solar Power Plant, both jointly developed with SOCAR Green; and ACWA Power’s 240MW Khizi-Absheron wind power plant.

These initiatives are designed to enhance energy security, create jobs and drive sustainable economic growth in Azerbaijan. This aligns with the consortium’s commitment to support Azerbaijan’s transition to net-zero emissions by 2050.

Established in 2024, SOCAR Green is a wholly-owned subsidiary of SOCAR, a global energy corporation headquartered in Azerbaijan. Positioned at the forefront of the nation's transition to renewable energy, SOCAR Green drives the implementation of clean energy initiatives, including large-scale solar, wind, and green hydrogen projects. Through strategic partnerships with international leaders in renewable energy, SOCAR Green supports Azerbaijan’s commitment to achieving its national climate targets and contributing to global sustainability goals. 

ACWA Power entered the Azerbaijan market in 2019, with the intention of supporting the Central Asian nation in meeting its ambitious renewables integration, greenhouse gas (GHG) emissions reduction, and decarbonization targets and continues to expand its geographic footprint in the country with its 240MW Khizi-Absheron wind farm in advanced construction stage.

Since its establishment in 2006, Masdar has been a key enabler of the UAE’s vision as a global leader in sustainability and climate action. The company has developed and partnered in projects in over 40 countries, with a mandate to increase its renewable energy portfolio capacity to 100GW by 2030 and to become a leading producer of green hydrogen by the same year.

About Masdar

Masdar (Abu Dhabi Future Energy Company) is one of the world’s fastest growing renewable energy companies. As a global clean energy pioneer, Masdar is advancing the development and deployment of solar, wind, geothermal, battery storage and green hydrogen technologies to accelerate the energy transition and help the world meet its net-zero ambitions. Established in 2006, Masdar has developed and invested in projects in over 40 countries with a combined capacity of over 31.5 gigawatts (GW), providing affordable clean energy access to those who need it most and helping to power a more sustainable future.

Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is targeting a renewable energy portfolio capacity of 100GW by 2030 while aiming to be a leading producer of green hydrogen by the same year.

Contacts:For Masdar media inquiries, please contact: press@masdar.ae

For more information please visit: http://www.masdar.ae and connect: facebook.com/masdar.ae and twitter.com/masdar

About ACWA Power

ACWA Power (TADAWUL:2082) is a Saudi-listed company and the world's largest private water desalination company, the first mover into green hydrogen, and a leader in energy transition. Registered and established in 2004 in Riyadh, Saudi Arabia, ACWA Power employs over 4,000 people and is currently present in 13 countries in the Middle East, Africa, Central Asia and Southeast Asia. ACWA Power’s portfolio comprises 90 projects in operation, advanced development, or construction with an investment value of SAR 355.47 billion (USD94.7 billion) and the capacity to generate 65 GW of power and manage 8.0 million m3/day of desalinated water per day. This energy and water is delivered on a bulk basis to address the needs of state utilities and industries on long-term, off-taker contracts under utility services outsourcing and public-private partnership models. Learn more: www.acwapower.com

About SOCAR

SOCAR, a global energy company headquartered in Azerbaijan, specialises in the extraction, processing, and distribution of energy resources. As the largest integrated energy enterprise in the South Caucasus region, the company has a significant presence worldwide, underscoring its importance in various international markets.