Thursday 23 May 2024

Acwa Power, Socar partner for Azerbaijan's renewable energy growth

BAKU, April 22, 2024

Saudi-listed Acwa Power and Azerbaijan's State Oil Company, Socar, have signed a Cooperation Agreement to accelerate renewable energy projects in the country.
The initial agreement, signed on February 2, 2023, is a significant step towards a sustainable future. The partnership was further strengthened by an additional agreement on April 16, 2024, focusing on the joint evaluation of the low-carbon / green fertilizer project, demonstrating their commitment to 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 $345 million. --OGN/TradeArabia News Service


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