His Royal Highness Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, Minister of Energy of Saudi Arabia, His Excellency Parviz Shahbazov,¬†Republic of Azerbaijan Minister of Energy, Mr. Balababa Rzayev, ‘Azerenerji’ OJSC President, and Mr. Mohammad Abunayyan, ACWA Power chairman, witnessed the online signing ceremony. The launching of the Investment Agreement with the Republic of Azerbaijan Government, represented by the Energy Ministry, was the primary contract entered by ACWA Power, a prominent Saudi producer, investor, and operator of electricity production and water desalination facilities¬†in high-growth markets.

The Power Purchase and Transmission Link Arrangement were also signed by ACWA Power together with ‘Azerenerji’ OJSC, the national electrical power corporation, and project off-taker. Although Azerbaijan has so far depended heavily on natural gas to satisfy its energy needs, the emphasis lies on diversifying and enhancing alternative energy options. Renewables provide the most effective approach to achieving the aggressive climate goals of Azerbaijan. Under the Paris Agreement, which stresses sustainable and clean energy sources to meet this goal, the country has agreed to decrease its greenhouse gas (GHG) emissions by 35% by 2030.

With its excellent wind capacity, core public-private collaborations are increasingly monitoring Azerbaijan’s attempt to leverage wind as a renewable energy source efficiently. The plant will help achieve Azerbaijan’s goal of 30% of renewable energy potential by 2030 as being among the first international investment-based independent wind energy projects in Azerbaijan, organized as a public-private partnership. It will fuel 300,000 households until finished. Per year, 400,000 tons of carbon would also be reduced, promoting the government’s green goals.

“Azerbaijan and Saudi Arabia enjoy long-term economic and diplomatic ties, and partnership between the 2 nations has recently been enhanced by their involvement in OPEC+,” stated H.R.H. Prince Abdulaziz Bin Salman Al Saud, Saudi’s Energy Minister, communicating to the Saudi Press Agency. “Azerbaijan has played a significant role in fostering energy, together with other member nations. We thank the efforts of Azerbaijan to meet its Declaration of Cooperation as well as the high degree of conformity it has accomplished.

His Highness also shared his faith in the role of ACWA Power in fostering and extending collaboration between Saudi Arabia and Azerbaijan and facilitating the Azerbaijan Government’s efforts to fulfill its national electricity needs in a way that is practical, economical, and consistent with international standards. As a renewable energy leader, the global experience of ACWA Power in providing cost-effective, innovative technologies will closely help Azerbaijan in achieving its renewable energy growth goals.

https://nmtribune.com/

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