The Ministry of Energy of Azerbaijan and ACWA Power of the Kingdom of Saudi Arabia signed A Memorandum of Understanding on cooperation in the field of offshore wind energy as part of the groundbreaking ceremony of the 240 MW Khizi-Absheron Wind Power Plant.

Axar.az reports that the document was inked by Deputy Energy Minister Elnur Soltanov and ACWA Power CEO Clive Turton.

The memorandum envisages collaboration in defining the basic principles of partnership in offshore wind energy, assessing the potential, and creating conditions for profitable investment in renewable energy projects in Azerbaijan.

"ACWA Power is an important partner in implementing the President of the Republic of Azerbaijan Ilham Aliyev's green energy course serving to achieve sustainable development and a clean environment. The signing of this document will also contribute to the expansion of our cooperation with ACWA Power in renewable energy and Azerbaijan's development goals for offshore wind energy," said Elnur Sultanov.

"The signing of the Memorandum of Understanding demonstrates the confidence of the Ministry of Energy of Azerbaijan about us, and we are proud to strengthen our strategic partnership with this significant achievement. Our continued cooperation will allow us to contribute to the energy transition in this beautiful country and play an active role in achieving the goal set by President Ilham Aliyev to increase the share of green energy in the national energy complex," noted Chairman of ACWA Power International Mohammad Abunayyan.

A Steering Committee and a Working Group will be established to guide and monitor the activities carried out under the memorandum.

Azerbaijan is currently cooperating with ACWA Power on the Khizi-Absheron Wind Power Plant project with an investment of $ 300 million with a capacity of 240 MW.

ACWA Power has a global production of 14,900 MW of renewable energy with a total investment of 42,800 MW of electricity and an investment portfolio of $ 67.2 billion.