BAKU, Azerbaijan, Jan. 9
Trend:
Azerbaijan’s Energy Ministry has signed agreements of pilot projects on renewable energy with Saudi Arabian ACWA Power and the UAE-based Masdar company, Trend reports referring to the ministry.
The signing ceremony took place Jan. 9 at the Cabinet of Ministers with the participation of Azerbaijan’s Prime Minister Ali Asadov.
The agreements were signed by Azerbaijan’s Energy Minister Parviz Shahbazov, Chairman of the Board of ACWA Power Mohammad Abunayyan and Chief Executive Officer of Masdar Mohamed Jameel Al Ramahi.
According to the agreements, pilot projects will be implemented for the construction of wind power plants with a capacity of 240 megawatts with ACWA Power, and for the construction of solar power plants with a capacity of 200 megawatts with Masdar.
In general, production of about 1.4 billion kilowatt-hours of electricity on wind and solar energy projects annually is predicted.
"Diversification of generation of electricity from renewable energy sources is one of the main priorities, to which the head of state pays special attention,” Shahbazov said.
“Today, the signing of new agreements with foreign companies is one of the serious steps in this area,” Prime Minister Ali Asadov noted. “Renewable energy production will contribute to the development of a green economy in our country.”
ACWA Power currently has a power generation portfolio with total capacity of 30,200 megawatts, 8,000 megawatts of which accounts for the global renewable energy, and an investment portfolio of $45 billion.
Up to now, Masdar has invested $8.5 billion in the renewable energy sector and has a portfolio of around 4,000 megawatts in this field.