Gulf investors spot Azeri green hydrogen potential

Acwa and Masdar have both agreed to extend their clean energy cooperation with Baku into the renewables-based fuel

Saudi Arabia’s government-affiliated renewables developer Acwa Power has agreed to collaborate with State Oil Company of Azerbaijan Republic (Socar) on green hydrogen development, less than a month after its UAE counterpart, Masdar, inked a similar pact. The deals are testament to Mideast Gulf state-affiliated firms’ increasing dominance in clean energy development across Central Asia and the South Caucasus, as windfall oil revenues galvanise their overseas investment activity. But they also represent wider interest in harnessing Azerbaijan’s underexploited renewables potential to help meet EU demand for hydrogen imports. At first glance, Azerbaijan is not an obvious candidate for green hydr