[ad_1]
BAKU, Azerbaijan, April 4. The partnership
between Azerbaijan and Saudi Arabia has entered a brand new part, with
the inexperienced vitality sector appearing as a key driver of this
cooperation.
Through the Fourth Industrial Revolution, two nations, each
wealthy in hydrocarbons, are collaborating to transition to scrub
vitality. This serves as a main instance of efficient collaboration
to attain world objectives.
Azerbaijan, a reliable oil and gasoline provider to world markets,
and Saudi Arabia, a pacesetter within the Muslim-Arab world, an OPEC
member, and a G20 participant, are becoming a member of forces on large-scale
clear vitality initiatives. They’re not stopping there; they plan to
additional increase their cooperation on this area.
For example, on January 13, 2022, the Ministry of Vitality of
Azerbaijan and Saudi Arabia’s ACWA Energy signed a memorandum of
understanding for cooperation in wind vitality on the Caspian
Sea.
ACWA Energy, a globally acknowledged firm, has a renewable
vitality manufacturing capability of 8,000 MW and an total funding
capability of 30,200 MW within the electrical energy sector, with an funding
portfolio totaling $45 billion.
ACWA Energy will oversee the development of the 240 MW
Khizi-Absheron wind energy plant, with a undertaking price range of $300
million, marking the most important funding by the Saudi firm
exterior its dwelling nation.
Due to the electrical energy generated by the plant, 220 million
cubic meters of pure gasoline can be saved, and 400,000 tons of
carbon dioxide emissions can be prevented. The groundbreaking
ceremony for the wind farm passed off on January 13, 2022. The
undertaking will see the set up of 40 generators, every with a
capability of 6 MW. Seventeen generators can be arrange within the
Pirakashkul village of the Absheron district, and 23 generators will
be put in within the Sitalchay village of the Khizi district. The
undertaking is being carried out below a build-own-operate mannequin. ACWA
Energy and the Azerbaijani authorities have agreed to expedite the
undertaking. Transmission traces within the designated space have already
been constructed, and the primary generators might arrive as early as
April 2024. Extra workers can be concerned than initially deliberate,
which can speed up the implementation of a number of technical
points of the undertaking. This acceleration might result in the wind
farm being operational by 2025.
The undertaking is receiving robust help from worldwide
monetary establishments. In October 2023, the European Financial institution for
Reconstruction and Growth (EBRD) organized a syndicated mortgage of
$197.1 million (186.9 million euros) for ACWA Energy Azerbaijan
Renewable Vitality, a subsidiary of ACWA Energy. The undertaking can also be
being co-financed by the OPEC Fund for Worldwide Growth.
In December 2023, the OPEC Fund accredited a $50 million mortgage to ACWA
Energy Wind for the development of the Khizi-Absheron wind energy
plant.
Along with the Khizi-Absheron wind farm, ACWA Energy has
signed a memorandum of understanding with the Ministry of Vitality of
Azerbaijan to discover the development of a 1 GW onshore wind energy
plant, a 1.5 GW offshore wind energy plant, and the implementation
of hydrogen initiatives within the nation.
ACWA Energy can also be one in every of two firms that responded
positively to the Azerbaijani authorities’s proposal to create a
inexperienced vitality zone in Karabakh and Jap Zangazur. The corporate has
expressed its intention to construct wind and solar energy crops in
these territories within the subsequent stage. These initiatives characterize a
vital contribution to Azerbaijan’s purpose of turning into a inexperienced
development nation and a provider of inexperienced vitality. The collaboration
between Azerbaijan and ACWA Energy is essential not just for offering
new capacities for the deliberate inexperienced vitality hall from the
Caspian to Europe but additionally for lowering carbon emissions and
accelerating the vitality transition.
Past vitality, the cooperation between the 2 nations extends
to different sectors as effectively. Commerce between Azerbaijan and Saudi Arabia
amounted to $30.8 million in 2023, exhibiting a 36.3 p.c development
in comparison with 2022. Nevertheless, these figures don’t absolutely mirror the
huge potential for additional improvement of bilateral financial
relations.
This cooperation underscores the potential for future relations
between Azerbaijan and Saudi Arabia, with inexperienced vitality serving as a
key driver that can probably affect numerous different sectors as
effectively.
Saudi Arabia is devoted to collaborating with Azerbaijan in
the method of the brand new vitality transition, and Baku deeply values
this dedication.
[ad_2]
Source link
