https://arab.news/mqpqn
RIYADH: Saudi energy giant ACWA Power is signing a new agreement to accelerate the development of renewable projects in Azerbaijan.
The private water desalination company, known for its extensive green hydrogen storage capacity, announced it has now finalized an agreement with SOCAR, the State Oil Company of the Azerbaijan Republic.
This development follows an initial cooperation understanding signed in February 2023.
This deal focuses on the joint evaluation of the 鈥淟ow-Carbon/Green Fertilizer鈥� project, in which the two bodies will collaborate on assessing the production of green hydrogen to support the decarbonization of SOCAR downstream assets.
Marco Arcelli, CEO of ACWA Power, said in a statement, 鈥淚 am proud to announce our collaboration with SOCAR to ignite a new era of renewable energy development in Azerbaijan. With our shared vision and commitment to sustainability, this partnership will not only drive innovation but also pave the way for a cleaner and brighter future for this country.鈥�
The primary directive of the agreement will be to enhance SOCAR鈥檚 carbamide fertilizer facility, striving toward more value-added low-carbon products.
As part of the project, SOCAR and ACWA Power will conduct feasibility studies to assess the potential production and sale of green fertilizers, aligning with Azerbaijan鈥檚 vision of achieving a clean environment.
ACWA Power will take a role in driving the project鈥檚 renewable energy and green hydrogen production aspects, bringing their expertise to bear on this initiative.
For his part, Anar Mammadov, vice president of SOCAR, said, 鈥淎zerbaijan is committed to building a sustainable future, and our partnership with ACWA Power underscores our shared dedication to driving renewable energy development in the region. Together, we will work towards realizing our vision of a cleaner, greener Azerbaijan.鈥�
He added: 鈥淭he cooperation with ACWA Power represents a significant step forward in Azerbaijan鈥檚 transition towards a low-carbon economy and underscores the commitment of both organizations to sustainable development practices.鈥�
Preceding this announcement, the two nations posed their intent to collaborate on renewables as 抖阴短视频鈥檚 Minister of Energy Prince Abdulaziz bin Salman met with Azerbaijan鈥檚 Minister of Environment and Natural Resources Mukhtar Babayev in March.
During the meeting, the counterparts discussed opportunities for work and cooperation between their two countries in the field of climate change.
They also talked about joint efforts to achieve the goals of the UN Framework Convention on Climate Change and the Paris Agreement, the Kingdom鈥檚 ministry said in a statement at the time.