Ministry of Energy signed a Memorandum of Cooperation with Saudi Arabian ACWA POWER

A memorandum of cooperation was signed between the Ministry of Energy and Saudi Arabian Company “ACWA POWER” within the framework of 27^th meeting of the Joint Technical Commission (JTC) and Joint Ministerial Monitoring Committee meeting of the OPEC and non-OPEC countries held in Baku. The document was signed by Deputy Minister of Energy Samir Valiyev and Ayad Al Amri, Director of ACWA POWER.

The Memorandum of Understanding determines the basic principles of cooperation in the field of investments in renewable energy sources in Azerbaijan, assessment of existing potential for investments and creation of necessary conditions.

Deputy Minister of Energy Samir Valiyev mentioned that the Ministry of Energy has been cooperating with international companies to ensure efficiency in use of rich renewable energy sources of Azerbaijan, strengthen energy security by diversifying the country's power generation capacity and achieve clean energy generation. "At present, we are working on the legislative framework to contribute to the development of the renewable energy sector. The necessary mechanisms are also developed to attract investors in this field. The cooperation with ACWA POWER will contribute to examination and introduction of best practices in effective arrangement of activities and reduction of renewable energy generation costs and to further implementation of renewable energy projects." the Deputy Minister added.

As a company specialized in use of renewable energy sources and desalination of seawater, Saudi Arabia's ACWA POWER is primarily involved in energy and water projects. The company is currently implementing wind and solar power projects in Asia and Africa, including Egypt, Jordan and other countries.