ACWA Power signs 2.5GW Wind and Energy Storage Projects

ACWA Power signs 2.5GW Wind and Energy Storage Projects

ACWA Power, a leading Saudi developer, has announced that four separate agreements have been finalised for the development of new renewable energy in the Republic of Azerbaijan.

In line with ACWA Power’s commitment to lead and enable energy transition underpinned by its robust public-private partnership model, the company has signed key implementation agreements with the Ministry of Energy and cooperation agreement with State Oil Company of Azerbaijan Republic (SOCAR).

Following on from recent collaborative efforts between the two parties for the SAR 1.1 billion 240 MW wind power plant project, ACWA Power’s new MoU with Azerbaijan’s Ministry of Energy entails the development of a battery energy storage system, together with implementation agreements for 1GW and 1.5GW of onshore and offshore wind, respectively. While the cooperation agreement reached with SOCAR will ensure collaboration and exploration in the fields of renewable energy and green hydrogen.

The agreements are aimed at enhancing the Republic’s national electricity grid by integrating additional renewable energy sources, as well as positioning the country to broaden its export market and ensuring the population benefits from battery storage and offshore wind capabilities.

The implementation agreements for the 1 GW and 1.5GW wind plants were signed by His Excellency Parviz Shahbazov, Minister of Energy