Acwa Power inks cooperation agreement with Azerbaijan for 1.5 GW wind project: Acwa Power signed a cooperation agreement with Azerbaijan that will see the Tadawul-listed company extend its partnership with the country by setting up a 1.5 GW offshore wind energy project, according to local media outlet Azernews. The two sides signed the agreement during meetings of the Southern Gas Corridor Advisory Council and the Green Energy Advisory Council held in Baku on Friday. The planned location, investment size, and time frame were not disclosed.

The planned scope of the partnership: Acwa Power and Azerbaijan are planning to build wind farms with a combined capacity of 2.5 GW and develop the country’s first battery storage systems, Azerbaijan’s Energy Minister Parviz Shahbazov is quoted as saying. Again, no investment size or time frame are disclosed.

This partnership appears to be separate from the 240 MW wind farm we already knew about: In mid-January, Acwa Power broke ground on its USD 300 mn, 240 MW Absheron-Khizi wind farm, according to Zawya. Up to USD 105 mn of the price tag is being provided by the EBRD as debt financing, with “a number of other financial institutions” also expected to contribute. The company signed the investment, power purchase, and transmission connection agreements in December 2020, Acwa Power notes. The extra 1.5 GW being added through the newly-announced offshore project seems to be in addition to this 240 MW — though no stakeholder has confirmed this.

KSA had been eyeing closer collaboration with Azerbaijan: Saudi Investment Minister Khalid Al Falih noted in December that the kingdom was interested in implementing “larger energy projects” than the 240 MW project.

And hoping to hop on board the green electricity export train: Saudi also hoped to participate in the export of green electricity from Azerbaijan to Europe, Al Falih also said. This followed the leaders of Azerbaijan, Georgia, Hungary, and Romania signing an agreement on Saturday in Romania’s Bucharest to build an underwater electric cable that would go under the Black Sea to Europe, marking “a step towards creating a corridor for green energy,” according to Azerbaijan’s President Ilham Aliyev.