"Acwa Power" to invest USD 5 bln in Azerbaijan

Abid Malik, regional director of "Acwa Power"

© APA | Abid Malik, regional director of "Acwa Power"

# 05 June 2024 16:42 (UTC +04:00)

"Acwa Power" company of Arabia is planning to invest USD 5 billion in Azerbaijan’s renewable energy projects, Abid Malik, regional director of "Acwa Power" company said on the first day of the Baku Energy Forum held today, APA-Economics reports.

According to him, the company has intention to develop marine renewable energy in Azerbaijan.

He also emphasized that all of great renewable energy potential, fruitful investment environment and the prospects to export produced electricity energy to Europe is available in Azerbaijan. In this context, carrying out Caspian-Black Sea-Europe green energy corridor project is extremely significant.

According to regional director, currently, "Acwa Power" cooperates with Azerbaijan’s SOCAR in the field of decarbonization of petrochemical enterprises.

He expressed his hope regarding the preparation of the technical and economic justification will be started soon within the framework of the mentioned project.

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