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Homegrown renewables firm Acwa Power, the UAE’s Masdar, and Azerbaijan’s Socar Green will develop 3.5 GW of offshore wind projects in Azerbaijan’s Caspian Sea, under an MoU signed on the sidelines of COP29 in Azerbaijan, according to a statement from Masdar. This would mark Azerbaijan’s first venture into offshore wind farms, playing into the country’s growing renewable energy portfolio. The project’s investment ticket was not disclosed.
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Acwa Power will also build 2 GW battery storage systems worth USD 1.1 bn in Uzbekistan under a separate agreement signed on the sidelines of COP 29, according to a statement from the Uzbek Ministry of Energy.
ALSO FROM COP 29- Electricity link-up with Azerbaijan, Kazakhstan, Uzbekistan in the works: The Energy Ministry signed an executive program with its counterparts in Azerbaijan, Kazakhstan, and Uzbekistan to mull potential regional power grid interconnection projects, with plans to integrate renewable energy sources into the grids of the countries involved, according to a press release from the Saudi Energy Ministry. In addition, the Saudi Electricity Company signed a similar agreement with network operators in the three countries.
