BAKU, Azerbaijan, July 31. Azerbaijan's state oil company SOCAR and ACWA Power discussed further steps for joint development of renewable energy sources, Trend reports via SOCAR.
On July 31, Rovshan Najaf, the President of the State Oil Company of the Republic of Azerbaijan (SOCAR), had a productive meeting with Marco Arcelli, the CEO of ACWA Power in the Kingdom of Saudi Arabia.
During the meeting, the successful activities of ACWA Power in Azerbaijan were warmly acknowledged and appreciated. In particular, they highlighted the significant progress made by ACWA Power in launching the construction of the Khizi-Absheron wind farm, boasting an impressive capacity of 240 MW. This endeavor stands as a crucial contribution towards implementing the country's green energy strategy and enhancing energy security. Furthermore, the participants emphasized how ACWA Power's investments in renewable energy sources in Azerbaijan exemplify the favorable investment climate prevalent in the country.
The focal point of discussion revolved around the upcoming activities under the cooperation agreement signed in February of the same year between SOCAR and ACWA Power. This agreement aimed at joint development of renewable energy sources both at sea and on land, along with the implementation of other related projects.
The meeting fostered an extensive exchange of views on various opportunities for cooperation in the realm of energy transition, decarbonization, and other matters of mutual interest.