A Memorandum of Understanding (MoU) has been signed between the Alat Free Economic Zone Authority (AFEZ Authority) and Caspian New Energy (Chongqing) from China.
The MoU expresses intention of Caspian New Energy (Chongqing) on establishing of a manufacturing facility in AFEZ that will engage in production of wind turbines, towers and blades, solar panels and energy storage systems, using their own funds.
As per Memorandum, Caspian New Energy intends to establish solar and wind power stations within the AFEZ. It is the general intention of Parties that Caspian New Energy will supply manufactured products to wind and solar power stations within AFEZ, and subsequently to relevant power stations in Azerbaijan and surrounding countries. Parties continue negotiations on these areas.