According to a statement from Saudi Arabia's ACWA Power, four agreements for developing additional renewable energy in Azerbaijan have been finalized.

The company and the Azerbaijani Ministry of Energy have signed important implementation agreements and a collaboration agreement with the State Oil Company of the Republic of Azerbaijan (SOCAR). The agreements with the Ministry call for creating a battery energy storage system as well as the execution of plans for 1.5GW of offshore wind and 1GW of onshore wind, respectively.

Collaboration and research in renewable energy and green hydrogen will be made possible by the cooperation agreement established with SOCAR. The agreements seek to improve Azerbaijan's national electrical system by incorporating more renewable energy sources. They also position the nation to expand its export market and ensure that the general public benefits from battery storage and offshore wind capabilities.

According to Azerbaijan's Minister of Energy Parviz Shahbazov, "Today marks the development of our relationship with ACWA Power through wind power projects with a total capacity of 2.5GW and the installation of battery energy storage systems for the first time in our nation."