Azerbaijan, ACWA Power sign agreements on 400 MW renewable energy projects

BAKU. May 3 (Interfax) - The Azerbaijani Energy Ministry and Saudi Arabia's ACWA Power signed an Implementation Agreement related to 200 MW Battery Energy Storage System in Baku on Friday, Azerbaijani Energy Minister Parviz Shahbazov said.

"In addition, a Framework Agreement has been signed with ACWA Power relating to the 200 MW Onshore Wind Power Project," he said on social media.

He said the signing of the documents was preceded by his meeting with Prince Abdulaziz bin Salman Al-Saud, who is Saudi Arabia's energy minister.

Shahbazov said agreement was reached on the acceleration of the implementation of renewable energy projects and cooperation in oil refining and petrochemical products.

The Azerbaijani Energy Ministry said in a press release that the ministers discussed progress with the Saudi company's joint renewable energy projects with total capacity of 2.5 GW onshore and offshore Azerbaijan.

"Also at the meeting, the ministers discussed cooperation between Azerbaijan and Saudi Arabia in oil refining and petroleum product supply, as well as prospects for joint activities and investment opportunities between SOCAR [State Oil Company of the Azerbaijani Republic] and companies from Saudi Arabia," the ministry said.