Abu Dhabi Future Energy Company PJSC – Masdar, has signed a Memorandum of Understanding (MoU) with SOCAR Green, and Saudi-listed ACWA Power, to develop 3.5 gigawatts (GW) of offshore wind projects in the Azerbaijan section of the Caspian Sea.
Masdar is the UAE’s clean energy powerhouse, SOCAR Green is a wholly-owned subsidiary of SOCAR dedicated to sustainable projects, while ACWA Power is the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen.
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.
COP29 Azerbaijan OC and Azerenerji’s Green Energy Power Plant Sign MoU
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 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.
This includes 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, to support 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.
Read More: Masdar & SOCAR Break Ground on 3 Major Solar and Wind Power Projects in Azerbaijan