ACWA Power has signed a Memorandum of Understanding (MoU) with the Ministry of Energy and State Oil Company of Azerbaijan Republic (SOCAR).
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.
