ACWA Power is all set to develop 500MW of renewable energy projects in Central Asia.
The company has already signed of a memorandum of understanding with Masdar and the State Oil Company of Azerbaijan Republic (SOCAR) to develop the projects in the Republic of Azerbaijan.
It informed that the renewable projects will be located in the Nakhchivan Autonomous Republic region.
The companies shared that they would utilize their respective expertise “to expedite the development of renewable energy projects that accelerate decarbonisation and help Azerbaijan achieve its net-zero goals.”
Marco Arcelli, chief executive of ACWA Power, was quoted in a statement, "We are thrilled to join forces with Masdar and SOCAR in our commitment to advancing clean energy solutions around the world. Our shared vision for a sustainable and decarbonised future transcends competition.”
Under the partnership, ACWA Power, Masdar and SOCAR have pledged commitment to accelerate decarbonisation efforts not just in Central Asia, but also globally.
Arcelli further remarked, "We are proud to collaborate in helping Azerbaijan advance towards its net-zero goals, and through this partnership, we aim to set an example for the industry."
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