Negotiations for the establishment of offshore and onshore wind power plants in Azerbaijan are reaching their final stages.

Raad Al Saadi, Vice President and Managing Director of Acwa Power, highlighted this during a panel discussion on "International cooperation to ensure energy security and stability" at the 29th Baku Energy Forum, Azernews reports.

"In addition, discussions on energy storage solutions are nearing completion. Acwa Power is impressed with Azerbaijan's simultaneous focus on energy security, transition, and its political and economic interests," said Al Saadi.

He emphasized the effectiveness of cooperation between Saudi Arabia and Azerbaijan at both governmental and corporate levels, noting similarities in their energy strategy approaches.

"The synergy between traditional and renewable energy sources (RES) in Azerbaijan and Saudi Arabia is crucial for economic development," Al Saadi added.

He mentioned that Saudi Arabia plans to invest $50 billion in energy transition to achieve a 50% share of renewable energy sources (RES) in the energy mix.

"Azerbaijan aims to produce one-third of its electricity from RES. The projects we are implementing in Azerbaijan are facilitating this goal. Operating across Azerbaijan, Kazakhstan, Uzbekistan, and Turkey allows us to efficiently provide technical support for RES facilities and introduce new technologies to the region," Al Saadi concluded.