The partnership between Acwa Power and Socar marks a significant milestone in Azerbaijan’s journey towards renewable energy and sustainable development. With the initial agreement signed in February 2023 and further strengthened by the recent additional agreement in April 2024, the collaboration aims to accelerate renewable energy projects in the country.
One of the key focuses of this partnership is the evaluation of a low carbon/green fertiliser project, highlighting the commitment of both parties to sustainable practices. By assessing the production of green hydrogen to support the decarbonization of Socar Downstream assets, particularly the Socar Carbamide fertilizer facility, the partnership aims to transition towards more environmentally friendly products.
Feasibility studies will be conducted to explore the potential production and sale of green fertilizers, aligning with Azerbaijan’s goal of achieving a clean environment and embracing green growth. Acwa Power will play a leading role in driving renewable energy and green hydrogen production aspects of the project, leveraging its expertise in the field.
Marco Arcelli, CEO of Acwa Power, and Anar Mammadov, Vice president of Socar, both expressed enthusiasm for the collaboration, emphasizing their shared dedication to driving renewable energy development in Azerbaijan. This partnership represents a significant step towards the country’s transition to a low-carbon economy and underscores the commitment of both organizations to sustainable development practices.
Additionally, Acwa Power is actively involved in the construction of Azerbaijan’s largest wind power plant, further contributing to the region’s renewable energy infrastructure. With an investment cost of $345 million, this project demonstrates Acwa Power’s commitment to advancing renewable energy in Azerbaijan and the broader region.
