Azerenerji, Schneider ink MoU on renewable energy, grid solutions

On November 14, Azerenerji and Schneider Electric have signed a memorandum of understanding that covers the integration of renewable energy sources into the power grid, energy monitoring, planning, and various other sectors.

During the COP29 summit, Executive Vice President for International Operations at Schneider Electric, Manish Pant, along with the company's President for Türkiye and Central Asia, Ismail Yamangil, visited the Azerenerji pavilion in the Green Zone, Caliber.Az reports.

Following the visit, the Schneider Electric delegation met with the Chairman of Azerenerji, Baba Rzayev.

During this meeting, both parties discussed the potential for future bilateral cooperation.

Notably, Azerbaijan is prioritising the development of renewable energy as part of its strategy to reduce greenhouse gas emissions by 40% by 2050. The country aims to raise the share of renewables in its power generation to 30% by 2030, with a focus on diversifying its energy mix and becoming a leader in green energy. Azerbaijan will update its targets in its upcoming 1.5°C-aligned Nationally Determined Contribution (NDC).

The country’s wind energy potential, both onshore (3 GW) and offshore (157 GW), along with its hydropower (10% of annual electricity output) and solar energy resources (23 GW potential), is key to achieving its Net Zero target.

The Karabakh and East Zangazur regions, with 25% of the nation’s freshwater resources, are crucial in this effort. The 424 MW Mingachevir Hydroelectric Plant and the newly launched 230 MW Garadagh Solar PV Plant are significant milestones. Azerbaijan is also attracting investment from partners like ACWA Power and Masdar, and these efforts will be central to COP29 discussions.

By Aghakazim Guliyev