ECONOMY


Azerbaijan`s Energy Ministry, Saudi ACWA Power sign MoU

Baku, March 18, AZERTAC

Azerbaijan`s Deputy Minister of Energy Samir Valiyev and Director of Saudi Arabia`s ACWA Power Company Ayad Al Amri have signed a Memorandum of Understanding on Cooperation on the margins of the 27th meeting of the Joint Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC Joint Technical Commission (JTC) and the Joint Ministerial Monitoring Committee (JMMC) in Baku.

The Memorandum sets forth main principles of cooperation in the field of investment in renewable energy sources and evaluation of the potential.

Valiyev noted that the Ministry of Energy cooperates with international companies to rationally use Azerbaijan`s renewable energy sources, strengthen the energy security and implement pure energy production. “Cooperation with ACWA Power will yield positive results for the implementation of the renewable energy projects in the future,” Valiyev said.

ACWA Power is a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants with presence in 10 countries including Middle East and North Africa, Southern Africa and Southeast Asian regions.

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