Prince Abdulaziz said:
- Cooperation between the 2 countries has been strengthened recently through their participation in OPEC+
- Azerbaijan played an important role in promoting stability in global oil markets
- ACWA Power supporting the efforts of the Azerbaijan to meet its national needs of electric energy
Though Azerbaijan has relied largely on natural gas to meet its energy needs, the focus is now on diversification and boosting of alternative energy resources. Renewables offer the most prominent solution to meeting Azerbaijan’s ambitious climate targets.
Parviz Shahbazov stated:
Azerbaijan has committed to reducing its greenhouse gas (GHG) emissions by 35% by 2030, under the Paris Agreement, which emphasizes the use of alternative and renewable energy sources to achieve this target.- The signing of Agreements will mark a next stage of economic cooperation between our countries
- After ACWA Power other companies from Saudi Arabia will follow suit and will invest in Azerbaijan
- In addition to being 1st ever foreign investment based IPP, the wind power station annually will help to generate 1 billion KWh electricity
- it will save up to 220 million cubic meters of gas
- will cutting down on 400,000 tons of emissions annually
With its excellent wind resources, Azerbaijan’s move towards effectively harnessing wind as a sustainable energy source is being fast tracked by key public private partnerships.
Once complete, it will power 300,000 households and 400,000 tons of emissions will also be offset each year, supporting the country’s green ambitions.
