SOCAR, ACWA Power sign agreement on development of renewable energy sources
Baku, February 2, AZERTAC
The State Oil Company of the Republic of Azerbaijan (SOCAR) and ACWA Power company of the Kingdom of Saudi Arabia have signed a Cooperation Agreement within the framework of the Southern Gas Corridor Advisory Council on the joint development of renewable energy onshore and offshore, including wind, solar photovoltaics, and green hydrogen projects in the Republic of Azerbaijan as well as other related potential projects.
It aims to increase the share of renewable energy sources in electricity production capacity to 30% in Azerbaijan by 2030 and to reduce greenhouse gas emissions to 40% by 2050. The Agreement mentioned above will enable the reduction of greenhouse gas emissions in Azerbaijan, sustainable economic development of renewable energy sources and the country itself, in addition to contributing to the further strengthening of cooperation between the Republic of Azerbaijan and the Kingdom of Saudi Arabia.
ACWA Power, an influential company in 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 thrown into the atmosphere by more than 400,000 tons annually.
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