Azerbaijan, Saudi Arabia ink MoU on offshore wind energy| MENAFN.COM

Tuesday, 25 January 2022 04:09 GMT

Azerbaijan, Saudi Arabia ink MoU on offshore wind energy


(MENAFN- AzerNews)

By Ayya Lmahamad

Azerbaijan's Energy Ministry and Saudi Arabia's ACWA Power have signed a memorandum of understanding on cooperation in the field of offshore wind energy.

The document was signed by Deputy Energy Minister Elnur Soltanov and ACWA Power Chief Investment Officer Clive Turton, within the groundbreaking ceremony of the Khizi-Absheron wind power plant with a capacity of 240 MW, on January 13.

During the ceremony, Soltanov stated that ACWA Power is the country's important partner in implementing the country's green energy, which serves to achieve sustainable development and a clean environment.

“The signing of this document will contribute to the expansion of our cooperation with ACWA Power in the field of renewable energy and Azerbaijan's development goals for offshore wind energy,” he said.

In turn, ACWA Power Chairman Mohammad Abunayyan stated that the signing of the memorandum demonstrates the confidence placed in the company by the country's Energy Ministry. We are proud to strengthen our strategic partnership with this key accomplishment, he said.

“Our continued collaboration will enable us to contribute towards driving the energy transition in this great nation and play an active role in achieving the ambitious vision of President Ilham Aliyev, the aim of which is to raise the share of green energy in the national energy mix,” he said.

The memorandum envisages the identification of the main principles of cooperation in the field of offshore wind energy, assessing the potential and providing the conditions for profitable investment in renewable energy projects in Azerbaijan.

A Steering Committee and Working Group will be established to guide and control the activities carried out within the memorandum.

To recall, last year Azerbaijani Energy Ministry, Azerenergy, and ACWA Power signed an agreement on the 240 MW Khizi-Absheron wind power plant project with an investment value of $300 million.

Both countries are actively cooperating in the various sectors of the economy, especially in the energy field in the OPEC+ format.

The trade turnover between Azerbaijan and Saudi Arabia amounted to $40.3 million in the first 11 months of 2021.

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Ayya Lmahamad is AzerNews' staff journalist, follow her on Twitter: @AyyaLmahamad

Follow us on Twitter @AzerNewsAz

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