ECONOMY
Memorandum of Understanding signed with two Chinese companies for energy cooperation
Baku, November 20, AZERTAC
As part of COP29 in Baku, Azerbaijan's Ministry of Energy signed a Memorandum of Understanding with China Southern Power Grid International (HK) Co., Limited and Powerchina Huadong Engineering Corporation Limited.
The memorandum outlines collaboration in areas such as pumped hydro storage (PHS), battery energy storage systems (BESS), high-voltage direct current (HVDC) transmission, and digitalization technologies for energy transmission and distribution networks.
To ensure the effective implementation of the memorandum, working and steering groups will be established to strengthen coordination and monitor progress.
Ahead of the signing ceremony, Azerbaijan’s Minister of Energy, Parviz Shahbazov, met with delegations led by the Vice Presidents of both Chinese companies. The discussions focused on strategic partnership opportunities between Azerbaijan and China, particularly in renewable energy and energy storage technology.
