Masdar, SOCAR Green, and ACWA Power sign MoU for 3.5GW offshore wind projects in Azerbaijan

Abu Dhabi-based clean energy giant Masdar, SOCAR Green, and Saudi-listed ACWA Power have signed a Memorandum of Understanding (MoU) to develop 3.5 gigawatts (GW) of offshore wind power in Azerbaijan. The planned projects mark Azerbaijan’s entry into offshore wind, a significant step toward the country’s renewable energy and decarbonization goals. The collaboration will advance renewable energy efforts and align with Azerbaijan’s ambition to reach net-zero emissions by 2050.

Paving the Way for Azerbaijan’s Green Energy Transformation

The MoU, signed by Rovshan Najaf, President of SOCAR; Abdulaziz Alobaidli, COO of Masdar; and Marco Arcelli, CEO of ACWA Power, sets out a roadmap to establish the offshore wind farms in the Caspian Sea. The projects represent a partnership dedicated to scaling clean energy within the region, with each company contributing its extensive expertise to achieve sustainable energy goals.

Industry Experts on the Strategic Collaboration

Masdar CEO Mohamed Jameel Al Ramahi expressed optimism about the venture, noting that the partnership with SOCAR Green and ACWA Power aligns with Masdar’s commitment to expand renewable energy efforts in key regions. Al Ramahi emphasized that Azerbaijan, as a strategic partner, will play a crucial role in Masdar’s goal of fostering regional green energy growth, particularly in offshore wind.

Marco Arcelli, CEO of ACWA Power, highlighted that this collaboration is emblematic of the unified goal to promote a sustainable, decarbonized future. Arcelli pointed to COP29’s location in Azerbaijan as a pivotal moment, positioning the country to demonstrate leadership in renewable energy.

Rovshan Najaf, President of SOCAR, acknowledged the milestone as a critical step in the country’s sustainable energy trajectory, stating that the MoU reflects Azerbaijan’s commitment to both economic growth and environmental stewardship, securing clean energy for future generations.

A Growing Renewable Portfolio

These new offshore wind projects will join Masdar’s significant footprint in Azerbaijan, which includes the 230MW Garadagh solar plant and joint ventures with SOCAR Green, such as the 315MW Neftchala and 445MW Bilasuvar solar power plants. ACWA Power also has a notable presence, having launched its 240MW Khizi-Absheron wind power plant, now in advanced stages of construction.

These ventures will play a critical role in securing energy independence for Azerbaijan, creating new jobs, and accelerating sustainable economic growth. The partnership reflects the companies’ collective commitment to supporting Azerbaijan’s path to net-zero emissions by mid-century, further positioning the country as a key player in global clean energy initiatives.

Background on the Partners

SOCAR Green, established in 2024 as a wholly-owned subsidiary of SOCAR, spearheads Azerbaijan’s renewable energy projects. Through partnerships with international leaders in renewable energy, SOCAR Green is driving the transition to clean energy, with projects across solar, wind, and green hydrogen.

ACWA Power, which entered Azerbaijan in 2019, has steadily expanded its presence, developing major projects to help Azerbaijan meet its ambitious greenhouse gas (GHG) emissions and decarbonization goals. Meanwhile, Masdar, a pioneer in clean energy since 2006, has become a global leader with projects in over 40 countries and a target capacity of 100GW of renewable energy by 2030.