On April 24, Universal Energy signed a Memorandum of Understanding (MoU) with SOCAR Green, a sustainability subsidiary of Azerbaijan’s state oil company SOCAR Group, to jointly develop renewable energy projects in Azerbaijan with a total installed capacity of 500 MW. Nan Haoren, Vice Chairman of Wontai Group, attended the signing ceremony.

According to the MoU, the two parties will actively promote cooperation in Azerbaijan’s renewable energy sector, jointly developing wind power, solar power, and energy storage projects, while providing EPC and operational management services.

During discussions, Nan Haoren stated that Universal Energy is a Chinese enterprise deeply engaged in the renewable energy across the Belt and Road countries. The company has established competitive advantages in areas such as team, financing, levelized cost of energy (LCOE), and risk management, enabling it to become the largest and most competitive clean energy provider in Central Asia. He noted that China and Azerbaijan have established a comprehensive strategic partnership, and Azerbaijan’s renewable energy market holds significant potential. Universal Energy looks forward to collaborating with SOCAR Group to jointly advance Azerbaijan’s green energy transition.

Afgan Isayev, Vice President of SOCAR Group, expressed his pleasure in reaching a consensus with Universal Energy on renewable energy project development, expressing full confidence in the company’s capabilities. He emphasized that Azerbaijan is actively encouraging investment and cooperation in the renewable energy and looks forward to project implementation in the near future.

Elmir Musayev, General Manager of SOCAR Green, also attended the signing ceremony.