Azerbaijan's SOCAR, UAE's Masdar, Saudi Arabia's ACWA Power to build wind farms jointly in Azerbaijan's area of Caspian Sea

BAKU. Nov 15 (Interfax) - The State Oil Company of the Azerbaijan Republic (SOCAR), the United Arab Emirates (UAE)'s Masdar, and Saudi Arabia's ACWA Power signed a memorandum of understanding on cooperation in the production of wind power in the Azerbaijani sector of the Caspian Sea.

"The first offshore wind power plants are planned to be built in Azerbaijan as part of the joint project," SOCAR said.

A total of 3.5 GW in capacity is expected.

SOCAR said that President Rovshan Najaf, Masdar CEO Mohammed Jamil Al-Ramahi, and ACWA Power CEO Marco Arcelli signed the memorandum.

"This document serves to expand the partnership between the parties to implement renewable energy projects with overall capacity of 500 MW in Nakhchivan," according to the press release.