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Foundation Stone Laid for ACWA Power Wind Power Project in Azerbaijan

Foundation Stone Laid for ACWA Power Wind Power Project in Azerbaijan

Friday, 14 January, 2022 - 11:15
Saudi Energy Minister Prince Abdulaziz bin Salman and Azerbaijan’s President Aliyev after laying of the foundation stone for a wind power plant on Jan.13, 2022. (Asharq Al-Awsat)

The Azerbaijani Ministry of Energy and ACWA Power held a groundbreaking ceremony for a 240 MW wind power plant with an investment value of SAR 1.125 billion ($300 million) on Thursday.


This came signing deals on power purchase, investment and transfer agreementsm according to an independent power generation project model.


The Kingdom's Energy Minister Prince Abdulaziz bin Salman and Azerbaijan’s President Ilham Aliyev attended the ceremony celebrating the project.


The project represents the first and largest foreign investment made in Azerbaijan’s renewable energy sector to date and contributes to the country’s target to generate 30 percent of its energy through renewables, ACWA power said in a press release.


"By Q4 2023, the project will contribute an estimated 3.7 percent of energy to Azerbaijan’s total national grid capacity, powering 300,000 households while offsetting 400,000 tonnes of emissions."


The wind project reflects the strategic partnership between the Kingdom and Azerbaijan in various fields, especially the energy sector, Prince Abdulaziz said.


" In addition to the two countries' long-term diplomatic and economic relations, cooperation between them has been strengthened in recent years as Azerbaijan became a member of OPEC+, affirming the depth of the relationship especially in light of the (Covid-19) pandemic where Azerbaijan, along with the other participants in the agreement, played a vital role in reinforcing the stability and balance of global oil markets amid the crisis," he added.


Commenting on the event, Azerbaijan’s Energy Minister Parviz Shahbazov said: “We are pleased to attract private companies from outside Azerbaijan to invest in our country, given the many benefits that these investments provide by benefiting from global expertise, applying international best practices, and supporting efforts to develop local human capital.”


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