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Acwa Power signs $300 million Azerbaijan power project agreement
- 3 years ago (2020-12-31)
- David Flin
Acwa Power of Saudi Arabia has signed final agreements for the $300 million, 240 MW wind power projects for an IPP which will be located in the Absheron and Khizi regions of Azerbaijan. The key agreements that were signed were the Power Purchase Agreement and the Transmission Connection Agreement. With Azereneji , the national electric utility.
E-World 2025
This is the first foreign investment based independent wind power project in Azerbaijan structured as a public-private partnership. It will help the country reach its target of 30 per cent of capacity coming from renewable energy by 2030.
Parviz Shahbazov, Minister of Energy of Azerbaijan, said that in addition to being the first foreign investment based IPP, the wind power farm will generate 1 TWh (1 billion kWh) annually, saving up to 220 million cubic metres of gas. He added: “Acwa Power’s global expertise in delivering transformative solutions at an affordable cost will strongly support Azerbaijan in realising its renewable energy development goals.”