Saudi Arabia Inks Major Renewable Energy Deals with Central Asia States at COP29

Ahmed Ghandour November 14, 2024

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Saudi Arabia has signed renewable energy deals with Azerbaijan, Kazakhstan and Uzbekistan at COP29

Saudi Energy Minister Prince Abdulaziz bin Salman signed a joint executive program with Azerbaijan, Kazakhstan, and Uzbekistan. This agreement aims to enhance cooperation in renewable energy development and transfer. The signing took place at COP29 in Baku, Azerbaijan, in the presence of Presidents Ilham Aliyev, Kassym Tokayev, and Shavkat Mirziyoyev.

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Key Areas of Focus in the Agreement

The program focuses on improving energy infrastructure efficiency. It also aims to integrate renewable energy projects into the national grids of the four countries. The agreement includes identifying joint investment opportunities for regional electricity interconnection projects. These projects will support ACWA Power’s renewable energy generation and storage efforts.

Implementation of Earlier Memoranda

This agreement follows the memoranda of understanding signed between Saudi Arabia and Kazakhstan, Azerbaijan, and Uzbekistan. Saudi Arabia and Kazakhstan signed a memorandum on June 12, 2023, in Riyadh. Saudi Arabia and Azerbaijan reached an agreement on May 24, 2023, also in Riyadh, while Saudi Arabia and Uzbekistan finalized their agreement on August 17, 2022, in Jeddah.

Strategic Agreements for Renewable Energy

Two strategic agreements were signed to support renewable energy projects in Uzbekistan and Azerbaijan. The first agreement with the Uzbek Ministry of Energy focuses on developing battery energy storage systems (BESS) with a capacity of up to 2 GWh. The second agreement, signed with Azerbaijan’s SOCAR and Masdar, plans offshore wind energy projects in the Caspian Sea, with a capacity of up to 3.5 GW.

Azerbaijan-Saudi Arabia Cooperation Roadmap

Saudi Arabia signed A comprehensive roadmap with Azerbaijan. It outlines a plan for priority projects and sets a timetable for implementation. The roadmap includes cooperation in renewable energy, carbon capture, clean hydrogen, and energy efficiency. Additionally, it focuses on refining supply chains, energy storage, and regional interconnection.

The initiative also targets investment opportunities in renewable energy and regional interconnection projects. The cooperation aims to enhance energy efficiency and sustainability across the participating nations.