Saudi Arabia has entered into a collaborative program with Azerbaijan, Uzbekistan, and Kazakhstan to advance renewable energy initiatives. This agreement was finalized during the 29th UN Climate Summit in Baku, with Saudi Energy Minister Prince Abdulaziz bin Salman and his counterparts from the other nations signing the deal.
The initiative seeks to create a strategic alliance to evaluate regional power grid interconnection projects focused on renewable energy. Saudi Arabia aims to source 50% of its energy from renewables by 2030, reinforcing its position as a leader in clean energy within the Middle East.
The partnership builds on previous agreements with Kazakhstan, Azerbaijan, and Uzbekistan, aiming to enhance energy infrastructure and integrate renewable sources into national grids. The program will also explore joint investment opportunities and support renewable electricity generation and storage projects.
ACWA Power, a key Saudi utility firm, will manage these renewable projects in Azerbaijan, Uzbekistan, and Kazakhstan. The agreement includes provisions for sharing expertise and organizing events to foster collaboration among the countries.
Additionally, ACWA Power has signed agreements to support renewable initiatives, including a project with Uzbekistan’s Ministry of Energy to develop battery storage systems with a capacity of up to 2 gigawatts per hour, enhancing grid stability. Another significant agreement involves developing up to 3.5 GW of offshore wind projects in the Caspian Sea with Azerbaijani firm SOCAR and Masdar.
Saudi Electricity Co. also signed a memorandum of understanding with partners in Azerbaijan, Kazakhstan, and Uzbekistan to develop regional interconnection projects and cooperate on electricity transmission and renewable energy integration.
During COP29, Saudi Arabia and Azerbaijan outlined a comprehensive roadmap for priority energy projects, aiming to streamline procedures and achieve shared objectives. This plan includes cooperation in renewable energy, carbon management, clean hydrogen, energy efficiency, and sustainable supply chains.
