ACWA Power has signed of a memorandum of understanding (MoU) with Masdar and the State Oil Company of Azerbaijan Republic (SOCAR) to develop 500MW of renewable energy projects.  The projects will be developed in the Nakhchivan Autonomous Republic of the Republic of Azerbaijan.  

The signing parties to the MoU will see the organisations pool their expertise to expedite the development of renewable energy projects that accelerate decarbonisation and help Azerbaijan achieve its net-zero goals. Marco Arcelli, chief executive of ACWA Power, said: "We are thrilled to join forces with Masdar and SOCAR in our commitment to advancing clean energy solutions around the world.  
"Our shared vision for a sustainable and decarbonised future transcends competition.  
"By coming together, ACWA Power, Masdar and SOCAR are demonstrating our unwavering commitment to accelerate decarbonisation efforts globally.  
"We are proud to collaborate in helping Azerbaijan advance towards its net-zero goals, and through this partnership, we aim to set an example for the industry."