Azerbaijan Signs MoU for 2 GW Renewable Power Projects with China Gezhouba Group
The pact is part of the memorandum of understanding between China Gezhouba Group and Azerbaijan’s Ministry of Energy signed in September 2020 to strengthen the energy ties between both the countries.
June 06, 2023. By Anurima Mondal
The deal provides for a partnership on the assessment of the financial investment capacity in utility-scale solar, onshore and overseas wind energy, energy storage, green hydrogen manufacturing and integrated wise energy systems in Azerbaijan. The projects are expected to be developed by 2025. According to the reports, the pact is part of the memorandum of understanding between China Gezhouba Group and Azerbaijan’s Ministry of Energy signed in September 2020 to strengthen the energy ties between both the countries.
In the past two years, Azerbaijan inked pacts with various companies such ACWA Power, Masdar, and BP, for renewable energy projects totalling 25 GW. The country seems to make substantial progress with its renewable energy development plans. According to the International Renewable Energy Agency (IRENA), Azerbaijan has the potential to produce around 10 GW of solar energy and 7 GW of wind power.
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