Azerbaijan Strengthens Renewable Energy Ties with China Through Investment Deal

As part of the Azerbaijani delegation’s visit to China, led by Deputy Prime Minister Shahin Mustafayev, an Investment Agreement was signed on September 9 between the Alat Free Economic Zone (AFEZ) Authority and Chinese high-tech company Sichuan Sunsync Photovoltaic Technology Co., Ltd. to establish a solar panel manufacturing facility in the AFEZ.

The agreement was formalized by Valeh Alasgarov, Chairman of the AFEZ Authority Board, and Xie Yi, Founder and Chairman of Sichuan Sunsync, The Caspian Post reports via local media.

Under the agreement, Sichuan Sunsync will construct three advanced production facilities on a 23-hectare industrial plot within the AFEZ, equipped with full infrastructure and communications. The facilities will produce solar panels with an annual capacity of 3 gigawatts (GW), as well as silicon crystals and other key components. The solar panels will be used in a solar power plant to be built by the company in the AFEZ, while a large portion of production will be exported to international markets, strengthening Azerbaijan’s position as a strategic hub for renewable energy.

With $1.7 billion in assets, Sichuan Sunsync has rapidly become a leading player in solar panel manufacturing. During the visit, Azerbaijani President Ilham Aliyev met with the company’s chairman to discuss the establishment of a facility adhering to the latest technological standards in solar panel production.