A Memorandum of Understanding on cooperation in the field of offshore wind energy was signed between Azerbaijan's Ministry of Energy and Saudi Arabia's ACWA Power, News.az reports.

The document was signed by Deputy Minister of Energy Elnur Soltanov and the Chief Investment Officer of ACWA Power Clive Turton on the sidelines of the groundbreaking ceremony of the Khizi-Absheron Wind Power Plant in Baku, the Energy Ministry told News.Az.

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.

Deputy Energy Minister Elnur Soltanov said: “ACWA Power is our important partner in implementing President of the Republic of Azerbaijan, Mr. Ilham Aliyev`s course of green energy, which serves to achieve sustainable development and 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“.

The Chairman of ACWA Power Mohammad Abunayyan said: “The signing of the Memorandum of Understanding today demonstrates the confidence placed in us by the Azerbaijan Ministry of Energy and we are proud to strengthen our strategic partnership with this key accomplishment. 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”.

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

It should be reminded that Azerbaijan currently cooperates with ACWA Power on the Khizi-Absheron Wind Power Plant project with an investment value of $300 million and a capacity of 240 MW.

It should be noted that ACWA Power has a production portfolio with an installed capacity of 42,800 MW in the field of power, out of which 14,900 MW is in the field of renewables, and a $67.2 billion investment portfolio.