Alat: A significant development unfolded as an Investment Agreement was signed between the Alat Free Economic Zone Authority and Sichuan Sunsync Photovoltaic Technology Co., Ltd., marking the establishment of a solar panel production facility in the Alat Free Economic Zone. The agreement, signed on September 9 in Chengdu, was part of the Azerbaijani delegation’s visit to China, led by Deputy Prime Minister Shahin Mustafayev.
According to Trend News Agency, the document was signed by Valeh Alasgarov, Chairman of the Alat Free Economic Zone Authority, and Xie Yi, Founder and Chairman of Sichuan Sunsync Photovoltaic Technology Co., Ltd. Under the agreement, the company plans to develop three manufacturing facilities on a 23-hectare industrial land plot equipped with necessary infrastructure and utilities. These facilities will focus on producing solar panels with an annual capacity of 3 gigawatts, along with silicon crystals and components. Additionally, the solar panels produced will contribute to constructing a Solar Power Plant within the zone. A significant portion of the output is intended for export, bolstering Azerbaijan’s status as a renewable energy hub.
The project marks a crucial milestone in the Alat Free Economic Zone’s development and aims to enhance economic ties between Azerbaijan and China. It emphasizes the increasing interest of China’s high-tech companies in the zone’s potential. Sichuan Sunsync, with total assets of USD 1.7 billion, has swiftly emerged as a leader in solar panel production. Earlier in the year, Azerbaijani President Ilham Aliyev discussed with the company’s Chairman the creation of a cutting-edge solar panel production facility in the zone, highlighting the project’s alignment with the highest technological standards.