BAKU, Azerbaijan, June 5. The negotiations on the creation of wind farms both offshore and onshore in Azerbaijan are in their final stages, ACWA Power Vice Chairman and Managing Director Raad Al-Saady said during the "Executive Talks: Energy Security 2.0" panel at the 29th Baku Energy Forum, Trend reports.
"In addition, negotiations concerning energy storage facilities are nearing completion. Acwa Power admires Azerbaijan's adeptness in balancing energy security, transition, and the amalgamation of political and economic interests," stated an ACWA Power official.
He underscored the effectiveness of collaboration between Saudi Arabia and Azerbaijan, both at the governmental and corporate levels, highlighting the similarity in their approaches to energy strategy.
"The integration of fossil and renewable energy sources, observed in both Azerbaijan and Saudi Arabia, represents a crucial asset for fostering astute economic development," emphasized Al-Saady.
He added that Saudi Arabia will invest $50 billion in the energy transition to ensure that renewable energy accounts for 50 percent of the energy mix.
"Azerbaijan is also progressing towards generating one-third of its electricity from renewable sources. Our initiatives in Azerbaijan play a significant role in this endeavor.
We operate in Azerbaijan, Kazakhstan, Uzbekistan, and Türkiye, covering the broader region. This allows us to efficiently maintain renewable energy facilities here and introduce new technologies to the area," Raad Al-Saady added.
To note, over 600 delegates are participating in the forum, representing a diverse range of countries including Australia, Austria, Belarus, Belgium, Bulgaria, China, the Czech Republic, Finland, France, Georgia, Hungary, India, Israel, Italy, Japan, Kazakhstan, Latvia, Monaco, the Netherlands, Norway, UAE, Qatar, Romania, Russia, Saudi Arabia, Slovenia, Sweden, Switzerland, Ukraine, the UK, the US, and Uzbekistan. This year's forum boasts a record number of speakers, totaling 81.
The Forum's agenda will address energy issues of significance for Azerbaijan and the broader Caspian region, focusing primarily on considerations and financing related to energy security, energy transition, and green energy projects.
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