Azerbaijan's state oil company "SOCAR" and Saudi Arabia's "ACWA Power" company signed a cooperation agreement aimed at accelerating the development of renewable energy projects in Azerbaijan.

This agreement is an important step towards achieving Azerbaijan's goals in the field of renewable energy and enhancing its commitment to achieving sustainable development.

One of the most important features of this agreement is the development of new renewable energy projects. The two companies will cooperate to develop renewable energy projects that include offshore and onshore wind energy, solar photovoltaic energy, and green hydrogen, and contribute to supporting Azerbaijan’s efforts to achieve its ambitious goals for integration in renewable energy sources, in addition to achieving Azerbaijan’s environmental vision, as this agreement will help Azerbaijan achieve its vision of Become an environmentally friendly and greener country.

This partnership will advance innovation in the field of renewable energy in Azerbaijan and will contribute to achieving its sustainable development goals. ACWA Power is currently implementing a project to develop the largest wind farm in the Khizi-Absheron region of Azerbaijan, with a capacity of 240 megawatts and an investment value of $345 million.