As part of the groundbreaking ceremony of the 240 MW Khizi-Absheron Wind Power Plant, a memorandum of understanding on cooperation in the wind energy field was signed between the Ministry of Energy of Azerbaijan and ACWA Power company of Saudi Arabia, the Ministry of Energy told APA-Economics.
The document was signed between Deputy Energy Minister Elnur Sultanov and Clive Turton, ACWA Power's Chief Investment Officer.
The memorandum envisages cooperation in defining the basic principles of cooperation in the field of wind energy at sea, cooperation on assessing the potential, and creating conditions for profitable investment in renewable energy projects in Azerbaijan.
A Steering Committee and a Working Group will be established to guide and monitor the activities carried out under the Memorandum.
Notably, Azerbaijan is currently cooperating with ACWA Power on the 240 MW Khizi-Absheron Wind Power Plant with an investment of $ 300 million.