Saudi-listed ACWA Power, the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen, has announced the signing of a Memorandum of Understanding (MoU) with Abu Dhabi Future Energy Company, also known as Masdar, and State Oil Company of Azerbaijan Republic (SOCAR) to develop 500MW of renewable energy projects in Nakhchivan Autonomous Republic of the Republic of Azerbaijan.
The MoU was signed by Thomas Brostrom, Chief Investment Officer of ACWA Power, Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Afgan Isayev, Vice President of SOCAR.
As two of the largest independent power producers (IPP) of clean energy globally and within the region and an integrated national oil and gas company providing energy security of the Republic of Azerbaijan, the signing parties to the MoU will see the organisations pool their expertise to expedite the development of renewable energy projects that accelerate decarbonisation and help Azerbaijan achieve its net-zero goals.
