Azerbaijan, Brookfield join forces on renewables, energy transition PHOTO

Azerbaijan is strengthening its push toward sustainable development and global investment partnerships as President Ilham Aliyev met with Brookfield Asset Management President Connor Teskey on the sidelines of the World Economic Forum in Davos. The talks marked a significant step toward long-term strategic cooperation, focusing on renewable energy, energy transition, and other high-potential sectors of the Azerbaijani economy.

The meeting included an exchange of views on investment-attractive sectors and potential projects in Azerbaijan within the framework of cooperation with the State Oil Fund of the Republic of Azerbaijan (SOFAZ), taking into account Brookfield Asset Management’s global investment activities focused on real assets, Caliber.Az reports per state media.

As part of the meeting, a protocol of intent on long-term strategic cooperation was signed between SOFAZ and Brookfield Asset Management.

The document aims to institutionalize and deepen existing strategic relations, expanding the Fund’s access to reputable global investment platforms. Furthermore, the partnership includes plans to evaluate potential capital investments by SOFAZ of up to $1.4 billion over the next 3–4 years into funds and joint investment projects managed by Brookfield.

As part of this cooperation, the parties intend to explore opportunities in key sectors within Azerbaijan with high investment potential, including energy transition and storage, renewable energy, digital infrastructure, and other areas.

By Vafa Guliyeva