Saudi Arabia has signed a joint executive program with Azerbaijan, Uzbekistan, and Kazakhstan to strengthen collaboration on renewable energy development and transmission.
The deal was signed on the sidelines of the 29th UN Climate Summit in Baku by Saudi Energy Minister Prince Abdulaziz bin Salman and energy ministers of Uzbekistan, Kazakhstan and Azerbaijan.
The executive program focuses on establishing a strategic partnership to assess regional power grid interconnection projects utilizing renewable energy, aiming to improve the efficiency of energy infrastructure and integrate renewable energy projects into the national grids of the participating countries, says the energy ministry of KSA.
The program also includes identifying and examining joint investment opportunities, enabling the four countries to develop regional grid interconnection projects that support renewable electricity generation and storage initiatives, which are being implemented by ACWA Power in the three countries, as well as other initiatives.
ACWA Power, a major Saudi utility company, will oversee these renewable energy projects in Azerbaijan, Uzbekistan, and Kazakhstan.
This signing is a step towards implementing the bilateral Memoranda of Understanding previously signed between Saudi Arabia and Kazakhstan in the energy sector on June 12, 2023, in Riyadh, as well as two energy cooperation agreements: one with Azerbaijan on May 24, 2023, in Riyadh, and another with Uzbekistan on August 17, 2022, in Jeddah.
Also on the COP29 sidelines, ACWA Power signed two strategic agreements with Uzbekistan and Azerbaijan.
The first agreement includes signing an agreement with the Uzbek Ministry of Energy, aimed at developing battery energy storage systems (BESS) with a capacity of up to 2 GWh to enhance grid stability.
The second agreement is a memorandum of understanding with SOCAR, the Azerbaijani company, and Masdar to develop offshore wind power projects with a capacity of up to 3.5 GW in the Caspian Sea, marking the first initiative of its kind in Azerbaijan.
Furthermore, the Saudi Electricity Company signed a MoU with the network operators in Azerbaijan, Kazakhstan, and Uzbekistan to develop regional interconnection projects and another memorandum of understanding with AzerEnergy for cooperation in electricity transmission and integrating renewable energy sources into the power grid.
In another initiative, Saudi Arabia and Azerbaijan signed a comprehensive roadmap for cooperation in energy fields. This roadmap aims to outline a detailed action plan and establish a clear timeline for priority projects, facilitating procedures to achieve shared objectives efficiently.
The roadmap includes cooperation in several vital areas, such as renewable energy, carbon capture, utilization, and storage, clean hydrogen, energy efficiency, enhancing the sustainability and resilience of supply chains, and promoting trade in refined and petrochemical products. ///nCa, 15 November 2024