Saudi Arabia has entered into a joint executive program with Azerbaijan, Uzbekistan, and Kazakhstan to enhance cooperation in renewable energy development and transmission. This agreement was formalized during the 29th UN Climate Summit in Baku, signed by Saudi Energy Minister Prince Abdulaziz bin Salman and his counterparts from the participating countries.
The initiative focuses on creating a strategic partnership to explore regional power grid interconnection projects centered around renewable energy. Saudi Arabia aims to achieve 50% of its energy needs from renewable sources by 2030, showcasing its leadership in clean energy within the Middle East.
According to the Ministry of Energy, the agreement follows previously signed memorandums of understanding with Kazakhstan, Azerbaijan, and Uzbekistan, aiming to enhance energy infrastructure efficiency and integrate renewable energy into national grids.
The program will investigate joint investment opportunities and establish groundwork for projects supporting renewable electricity generation and storage. ACWA Power, a leading Saudi utility company, will manage these projects in Azerbaijan, Uzbekistan, and Kazakhstan.
The signatory countries have also agreed to implement a mechanism for information exchange and expertise sharing, involving knowledge transfer, organizing specialized events, and conducting joint working sessions to bolster cooperation.
Additionally, ACWA Power has signed agreements to develop renewable initiatives, including a partnership with Uzbekistan’s Ministry of Energy for battery energy storage systems up to 2 gigawatts per hour to enhance grid stability. They also plan to develop up to 3.5 GW of offshore wind projects in the Caspian Sea in collaboration with Azerbaijani firm SOCAR and Masdar, marking a first for Azerbaijan.
Saudi Electricity Co. has entered into a memorandum of understanding with network operators in Azerbaijan, Kazakhstan, and Uzbekistan to develop regional interconnection projects and another with AzerEnergy to cooperate on electricity transmission and renewable energy integration.
During COP29, Saudi Arabia and Azerbaijan outlined a comprehensive roadmap for priority energy projects, setting a timeline and action plan to facilitate cooperation across various fields. This roadmap includes areas such as renewable energy, carbon capture, clean hydrogen, energy efficiency, and the sustainability of supply chains.
