Within the framework of COP29, a Memorandum of Understanding (MoU) was signed between the State Oil Company of Azerbaijan (SOCAR), Masdar Company of the United Arab Emirates (UAE), and ACWA Power of Saudi Arabia to develop 3.5 gigawatts (GW) of offshore wind projects in the Azerbaijan section of the Caspian Sea, “Caspian Energy Media” reports with reference to SOCAR..

The MoU was signed by Rovshan Najaf, President of SOCAR, Abdulaziz Alobaidli, Chief Operating Officer of Masdar, and Marco Arcelli, Chief Executive Officer of ACWA Power.

The planned project will involve the construction of Azerbaijan's first offshore wind farms. This document serves to expand the partnership between the parties for the implementation of renewable energy projects, which include a total capacity of 500 MW, as agreed upon last year in Nakhchivan.