Saudi Arabia also joins four-sided agreement on export of electricity to Europe with participation of Georgia

20/12/2022

14:03

A-

“Saudi Arabia is interested in participating in projects in Azerbaijan for the production of electricity with subsequent exports to Europe,” - the Saudi Arabia's Investment Minister Khalid al-Falih said on Monday in Baku during a meeting of the Azerbaijan-Saudi Arabia intergovernmental commission on economic cooperation, as reported by Interfax-Azerbaijan.

"We would like to participate in the process to export electricity from Azerbaijan to Europe. Our company, ACWA Power, is participating in Azerbaijan in the project to construct a 240-MW wind power plant, in which ACWA Power will invest $300 million. However, we could implement projects in Azerbaijan to construct power plants at capacity in gigawatts," Khalid al-Falih said at the meeting.

As previously reported, ACWA Power is also interested in constructing a 500-MW offshore wind farm in Azerbaijan.

The Azerbaijani authorities previously announced ambitious plans to implement projects in the area of renewable energy sources by constructing solar and wind power plants in order to meet domestic need for electricity and to supply power to Europe.

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