On the sidelines of the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) in the Azerbaijani capital, Baku, and in the presence of His Excellency President Ilham Heydar Aliyev of the Republic of Azerbaijan, His Excellency President Kassym-Jomart Tokayev of the Republic of Kazakhstan, and His Excellency President Shavkat Mirziyoyev of the Republic of Uzbekistan, His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy of the Kingdom of Saudi Arabia, signed a joint executive program with the energy ministers of the three countries to enhance cooperation in the field of renewable energy development and transmission.
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. 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 of shared interest.
The signatory parties also agreed to adopt a mechanism for exchanging information and expertise, which includes knowledge-sharing among experts and specialists, organizing specialized conferences and seminars, as well as holding joint working sessions to strengthen close cooperation among the countries.
This signing is in implementation of bilateral memorandums of understanding previously signed between the Kingdom of Saudi Arabia and the Republic of Kazakhstan in the energy sector on June 12, 2023, in Riyadh, as well as two energy cooperation agreements with the Republic of Azerbaijan on May 24, 2023, in Riyadh, and with the Republic of Uzbekistan on August 17, 2022, in Jeddah.
His Royal Highness the Minister of Energy also witnessed the signing of two strategic agreements between ACWA Power and several entities to support renewable energy projects in both 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 memorandum of understanding 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, His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, the Saudi Minister of Energy, and His Excellency Parviz Shahbazov, the Azerbaijani Minister of Energy, signed a comprehensive roadmap for cooperation in energy fields. This roadmap aims to outline an action plan and establish a timeline for priority projects, facilitating procedures to achieve shared objectives.
The roadmap includes cooperation in several vital areas, such as renewable energy, carbon capture, utilization, and storage, clean hydrogen, energy efficiency, and enhancing the sustainability and resilience of supply chains, in addition to trade in refined and petrochemical products. The initiative also involves collaboration in power generation, regional interconnection, energy storage, and identifying investment opportunities in renewable energy projects, including regional interconnection projects.
