An Agreement on the Development of Renewable Energy Signed between SOCAR & ACWA

Within the framework of the Southern Gas Corridor Advisory Council, between the State Oil Company of the Republic of Azerbaijan (SOCAR) and the "ACWA Power" company of the Kingdom of Saudi Arabia on February 2, 2023, renewable energy such as wind, solar photovoltaics and green hydrogen in the Republic of Azerbaijan at sea and on land, as well as dozens A Cooperation Agreement on the joint development of other related potential projects was signed.

By 2030, it is aimed to increase the share of renewable energy sources in electricity production capacity to 30% in Azerbaijan, and to reduce greenhouse gas emissions to 40% by 2050. In addition to contributing to the further strengthening of cooperation between the Republic of Azerbaijan and the Kingdom of Saudi Arabia, the above-mentioned Agreement will enable the reduction of greenhouse gas emissions in Azerbaijan, sustainable economic development of renewable energy sources and the country's sustainable economic development.

"ACWA Power", an influential company of the Kingdom of Saudi Arabia in the field of renewable energy, is currently implementing a 240 MW wind power plant project in Azerbaijan. The station is expected to produce one billion kilowatt-hours of electricity annually, save approximately 220 million cubic meters of gas, and reduce emissions by more than 400,000 tons per year.