SOCAR, the State Oil Company of the Republic of Azerbaijan, Masdar Company of the United Arab Emirates (UAE) and ACWA Power of Saudi Arabia have signed a memorandum of understanding during COP29 on cooperation to develop 3.5 gigawatts (GW) of offshore wind projects in the Azerbaijan section of the Caspian Sea..
The document, signed by Rovshan Najaf (SOCAR President), Mohamed Jameel Al Ramahi (Masdar CEO), and Marco Arcelli (ACWA Power CEO), marks the establishment of Azerbaijan's first offshore wind power plants. It also outlines plans to enhance collaboration on last year’s renewable energy projects, totaling 500 MW, in Nakhchivan.
