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Saudi Arabia-based ACWA Power signs $300 million deal for 1st wind project in Azerbaijan

ACWA Power will support the Azerbaijani government’s plans to achieve its renewable energy targets.

Saudi Arabia-based ACWA Power signs $300 million deal for 1st wind project in Azerbaijan

Riyadh, December 30 - Neftegaz.RU. Following the signing of the implementation agreement for the $300 million Independent Power Project in January 2020, ACWA Power executed the official agreements for the 240 MW wind power project that will be located in Azerbaijan´s Absheron and Khizi regions.

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
Though Azerbaijan has relied largely on natural gas to meet its energy needs, the focus is now on diversification and boosting of alternative energy resources. Renewables offer the most prominent solution to meeting Azerbaijan’s ambitious climate targets.

Parviz Shahbazov stated:
  • 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
Azerbaijan has committed to reducing its greenhouse gas (GHG) emissions by 35% by 2030, under the Paris Agreement, which emphasizes the use of alternative and renewable energy sources to achieve this target.

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.

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