The virtual signing ceremony was attended by Saudi Arabia´s Minister of Energy Prince Abdulaziz Bin Salman, Azerbaijan Minister of Energy Parviz Shahbazov, Balababa Rzayev, president of Azerenerji and Mohammad Abunayyan, CEO of ACWA Power.
Prince Abdulaziz said:
- Cooperation between the 2 countries has been strengthened recently through their participation in OPEC+
- Azerbaijan played an important role in promoting stability in global oil markets
- ACWA Power supporting the efforts of the Azerbaijan to meet its national needs of electric energy
- The signing of Agreements will mark a next stage of economic cooperation between our countries
- After ACWA Power other companies from Saudi Arabia will follow suit and will invest in Azerbaijan
- In addition to being 1st ever foreign investment based IPP, the wind power station annually will help to generate 1 billion KWh electricity
- it will save up to 220 million cubic meters of gas
- will cutting down on 400,000 tons of emissions annually
With its excellent wind resources, Azerbaijan’s move towards effectively harnessing wind as a sustainable energy source is being fast tracked by key public private partnerships.
As the 1st foreign investment based independent wind power project in Azerbaijan structured as a public-private partnership, the plant will contribute to reach Azerbaijan’s target of 30% of renewable energy capacity by 2030.
Once complete, it will power 300,000 households and 400,000 tons of emissions will also be offset each year, supporting the country’s green ambitions.