"ACWA Power" and "SOCAR" Forge Partnership to Drive Renewable Energy Development in Azerbaijan

"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