Saudi and Azerbaijan clinch $300m renewable energy projects

FEBRUARY 20, 2021

Saudi Arabia and Azerbaijan have signed groundbreaking agreements for $300 million worth of renewable energy projects in the Caspian country.

The Kingdom’s energy leader ACWA Power will develop Azerbaijan’s first wind power development in collaboration with local entities, in three deals that could herald further joint energy projects between the two countries.

At a virtual signing ceremony, Prince Abdul Aziz Bin Salman, Saudi Arabia’s energy minister, said that the collaboration was a further example of the “long-standing diplomatic and economic relationship” between the Kingdom and Azerbaijan.

“Saudi Arabia is delighted to be a partner in the future growth and development of Azerbaijan through helping it on its renewable energy journey. I am proud to say that the project has been made possible through Saudi expertise and capabilities,” he said.

“ACWA Power is a Saudi national champion in energy, and it will be leveraging its experience, and its track record in successful renewable projects, to help Azerbaijan deliver this strategically important development,” he added.