Saudi Arabian Acwa Power Group, backed by the Saudi Arabian Public Investment Fund (PIF), is committed to accelerating the development of renewable energy projects in Azerbaijan.

Source: AgenziaNova

The company, known for its large green hydrogen storage capacity, announced that it has reached a new agreement with the Azerbaijani state oil company Socar, following an initial agreement signed in February 2023. According to the agreement, Acwa Power and Socar will collaborate as part of the “Low Carbon/Green Fertilizer” project, in support of decarbonisation.

Proud to announce the collaboration with Socar to start 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, brighter future for this country.

Marco Arcelli, CEO, Saudi Group

The main objective of the agreement is to upgrade Socar's fertilizer plant, targeting low-carbon products, and to conduct assessments on the potential production and sale of green fertilizers.

Azerbaijan is committed to building a sustainable future. The partnership with Acwa Power underlines our dedication to promoting the development of renewable energy in the region. Together, we will work to realize our vision of a cleaner and greener Azerbaijan.

Anar Mammadov, Vice President, Socar