Acwa + Masdar + Socar to partner on renewable energy in Azerbaijan: Saudi's Acwa Power has signed an MoU with the UAE's Masdar and State Oil Company of Azerbaijan Republic (Socar) to develop 500 MW of renewable energy projects in Azerbaijan, according to a statement. The statement did not specify what type of renewable energy the three companies will develop, or whether it will be one or multiple projects. No details were provided on the financials or timeline.

What they said: "This strategic alliance underscores our dedication to harnessing the vast potential of solar and wind energy, furthering our efforts to reduce carbon emissions, and fostering economic growth in our region," Socar Vice President Afgan Isayev said in the statement.

Acwa and Masdar have big plans for Azerbaijan: Acwa Power signed an agreement with Azerbaijan in February that will see the company set up a 1.5 GW offshore wind energy project as part of a plan to build wind farms with a combined capacity of 2.5 GW and develop the country’s first battery storage systems. The company also inked an agreement with the Azerbaijan Renewables Energy Agency to develop a 200 MW onshore wind farm accompanied by battery energy and storage facilities. Masdar also signed an agreement with Socar in January to develop renewables projects with a combined capacity of 4 GW. It also launched operations of its Garadagh Solar Park in Azerbaijan and inked agreements for 1 GW of solar and onshore wind projects in the country.