RIYADH: Saudi Arabia’s ACWA Power has signed four agreements to develop renewable energy in the Republic of Azerbaijan, said a press release issued on Thursday.

It said the company has signed key implementation agreements with the Central Asian country’s Energy Ministry and a cooperation agreement with the State Oil Company of Azerbaijan Republic.

Following on from recent collaborative efforts between the two parties for the SR1.1 billion ($293 million) 240 MW wind power plant project, ACWA Power’s new memorandum of understanding with Azerbaijan’s Ministry of Energy entails the development of a battery energy storage system, together with implementation agreements for 1 GW and 1.5 GW of onshore and offshore wind, respectively.

While the cooperation agreement reached with SOCAR will ensure collaboration and exploration in the fields of renewable energy and green hydrogen. 

“Our collaboration with ACWA 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,” said Azerbaijan Energy Minister Parviz Shahbazov. 

The agreements are aimed at enhancing Azerbaijan’s national electricity grid by integrating additional renewable energy sources, as well as positioning the country to broaden its export market and ensuring the population benefits from battery storage and offshore wind capabilities. 

“At ACWA Power we greatly value our relationship with our Azerbaijani partners and with the signing of the new agreements today, we are excited to expand our role in accelerating the nation’s energy transformation,” said ACWA Power Chairman Mohammad Abunayyan. 

ACWA Power entered the Azerbaijan market in 2019 and continues to expand its geographic footprint in the country.