Memorandum of Understanding signed with Chinese companies PowerChina and TBEA

Within COP29, a Memorandum of Understanding was signed between Chinese companies PowerChina Resources Limited and TBEA Co. Ltd in the field of green energy. Prior to the signing ceremonies, meetings were held between Energy Minister Parviz Shahbazov and delegations led by Vice-President of PowerChina Group Xu Pengcheng and President of PowerChina Resources Limited Yang Tianfu, as well as member of the Board and President of International Business of TBEA Hu Nan. At the meetings, it was noted that cooperation in the field of renewable energy occupies an important place in the Azerbaijani-Chinese strategic partnership relations. Opportunities for cooperation with Chinese companies in the context of mega projects related to the production and export of green energy were evaluated.  

It was noted that PowerChina Resources Limited as a company with extensive potential and experience, carrying out investments in the field of renewable energy abroad, is interested in cooperation in investing in renewable energy projects, planning, designing, construction and operation of renewable energy projects in Azerbaijan. TBEA, a company specializing in the production, engineering, procurement, construction and financing of electricity transmission and distribution, power plants, renewable energy and other important infrastructure projects, expressed its intention to cooperate with Azerbaijan in the field of renewable energy equipment and technologies.

Then a ceremony of signing documents was held. The Memorandum of Understanding between the Ministry of Energy of the Republic of Azerbaijan and PowerChina Resources Limited on the development of renewable energy projects in Azerbaijan provides for cooperation on industrial-scale solar PV projects, onshore/offshore wind power plants, pumped hydro-storage (PHS) and battery energy storage systems (BESS), integrated smart energy and green hydrogen production projects, training of local specialists, exchange of know-how. According to the document, special attention will be paid to the development, financing, construction and maintenance of PHS and BESS infrastructure.  

The Memorandum of Understanding between the Ministry of Energy of the Republic of Azerbaijan and TBEA Co. Ltd covers cooperation in relevant areas, including the production and supply of renewable energy equipment and technologies. According to the document, the company will cooperate on the provision of ultra-high voltage and flexible DC and AC products, the production of high-tech energy network equipment in industrial parks and free economic zones in Azerbaijan, the establishment of a Data Center, investment and financing of renewable energy and electricity projects, as well as participation in renewable energy and regional green energy connection projects.