Azerbaijan, UAE discuss new investment opportunities

ECONOMICS  01 June 2023 - 11:01

The Azerbaijani energy minister and the head of a UAE-based energy company have discussed new investment opportunities.

“We had fruitful discussions with Musabbeh Al Kaabi, Chairman of the Board of Directors of Mubadala Energy, UAE, on strengthening our energy partnership through Masdar and ADNOC, and new investment opportunities,” Azerbaijani Energy Minister Parviz Shahbazov tweeted on June 1, according to Caliber.Az.

Azerbaijan and the UAE have been cooperating in the renewable energy sector for many years. The UAE’s leading developer and operator of utility-scale renewable energy projects Masdar laid the foundation of the $200-million plant in Azerbaijan in March 2022. The top-notch power generation centre will reportedly become operational sometime in 2023 as one of the largest foreign investments in Azerbaijan’s renewable energy sector.

The alternative energy potential of Azerbaijan is great and is the highest in the region. The potential of wind and solar energy on land is 27 GW. In the country’s liberated territories, this indicator is 10 GW. In addition, the Azerbaijan sector of the Caspian Sea has a potential of 157 GW of wind power.

Caliber.Az