Saudi Investment Minister Khalid Al-Falih announced this while co-chairing the 7th meeting of the Joint Commission on Cooperation between Azerbaijan and Saudi Arabia, held in Baku, capital of Azerbaijan.
It has been decided that ACWA Power, the Saudi water and electricity utility company, would implement a 240-megawatt energy project in Azerbaijan, Al-Falih said.
“However, this is not enough. We would like to implement larger energy projects and join the agreement signed a few days ago by Azerbaijan on the export of electricity to Europe,” he added.
ACWA Power, formerly International Company for Water and Power Projects, is the Kingdom’s largest private sector power and water entity. The minister said that there are wide opportunities for the development of relations between the two countries.
“I thank President of Azerbaijan Ilham Aliyev for his support in expanding relations between Azerbaijan and Saudi Arabia. There are opportunities for cooperation between our countries in many areas, especially in the energy sector,” he emphasized.
Azerbaijan signed an agreement on strategic partnership in the field of green energy development and transmission with three European countries in Bucharest on Dec. 17.
The leaders of Azerbaijan, Georgia, Romania and Hungary signed an agreement on Saturday on an underwater electric cable under the Black Sea to carry green Azeri energy to Europe.
The agreement involves a 1,100-kilometer electric cable of 1,000 MW under the Black Sea, from Azerbaijan to Romania, as part of wider European Union efforts to diversify energy resources away from Russia amid the Ukraine war.
