Under the agreement, the cooperation will ensure collaboration and exploration in the fields of renewable energy and green hydrogen to aid decarbonisation efforts.
The leading Saudi developer, investor and operator of hydrogen plants worldwide announced four separate agreements which have been finalised for the development of new renewable energy.
The agreements ensure the development of a battery storage system, together with implementation agreements for 1GW and 1.5GW of onshore and offshore wind to enhance the Republic’s national electricity grid and guarantee the population benefits from battery storage and offshore wind capabilities.
Parviz Shahbazov, Minister of Energy of Azerbajijan, said, “These projects are further contributions to the implementation of the state policy which stipulates the development of Azerbaijan as a country of ‘green growth’ and supplier of green energy.
“Our collaboration with AWCA Power is key to reducing carbon emissions, accelerating the energy transition, as well as ensuring new capacities for the planned green energy corridor from the Caspian to Europe.”
ACWA Power is currently implementing a 240MW wind farm project in Azerbaijan, which is expected to produce around 1bnKwh of electricity per year.
The company claims the plant will save around 220mcm of natural gas and reduce carbon emissions by more than 400,000 tonnes per year upon completion.
ACWA Power has also announced it is set to develop green hydrogen and ammonia projects in the Republic of Uzbekistan.
ACWA signed an extensive head of terms agreement with the country’s Ministry of Energy and Uzkimyosanoat, to develop a green hydrogen project that is expected to generate 3,000 tonnes of hydrogen per year, targeting a commissioning date of December 2024.
Read more: ACWA Power to develop green hydrogen and ammonia projects in Uzbekistan
Last year, SOCAR signed a framework agreement with Fortescue Future Industries (FFI) to jointly explore up to 12GW of renewable energy and green hydrogen projects.
Masdar recently opened a new office in Baku to support its green hydrogen and clean energy projects and enable the company to support Azerbaijan’s goal of securing 30% of power mix from renewable sources by 2030 and reduce greenhouse gas emissions.
Read more: FFI, Azerbaijan to explore up to 12GW of renewable energy and green hydrogen projects
Read more: Masdar opens office in Azerbaijan to support green hydrogen projects
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