ACWA Power Signs Deals for First Wind Project in Azerbaijan

Saudi Minister of Energy Prince Abdulaziz Bin Salman. - SPA
Saudi Minister of Energy Prince Abdulaziz Bin Salman. - SPA
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ACWA Power Signs Deals for First Wind Project in Azerbaijan

Saudi Minister of Energy Prince Abdulaziz Bin Salman. - SPA
Saudi Minister of Energy Prince Abdulaziz Bin Salman. - SPA

Following the signing of the implementation agreement for the $300 million Independent Power Project in January 2020, ACWA Power Tuesday executed the official agreements for the 240 MW wind power project that will be located in the Absheron and Khizi regions.

The virtual signing ceremony was attended by Minister of Energy Prince Abdulaziz Bin Salman, Azerbaijan Minister of Energy Parviz Shahbazov and Balababa Rzayev, president of Azerenerji OJSC, and Mohammad Abunayyan, chairman of ACWA Power.

Key agreements signed by ACWA Power, a leading Saudi developer, investor and operator of power generation and water desalination plants in high growth markets, included the signing of the Investment Agreement with the government of the Republic of Azerbaijan, represented by the Ministry of Energy.

ACWA Power also signed the Power Purchase Agreement and Transmission Connection Agreement with Azerenerji OJSC, the national electrical power company and off-taker for the project, state news agency SPA reported.

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.

The country 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 first 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.

Speaking to the Saudi Press Agency, Prince Abdulaziz said: “The Kingdom of Saudi Arabia and Azerbaijan enjoy long-term diplomatic and economic relations, and cooperation between the two countries has been strengthened recently through their participation in OPEC+.

“Azerbaijan, along with other member countries played an important role in promoting stability in global oil markets. We appreciate Azerbaijan's efforts to fulfil its obligations under the Declaration of Cooperation, and the high level of compliance it has achieved.”

He also expressed his confidence in the role that ACWA Power will play in promoting and expanding the cooperation between the Kingdom of Saudi Arabia and the Republic of Azerbaijan, and in supporting the efforts of the Azerbaijani government to meet its national needs of electric energy feasibly, economically and in adherence to international standards.

For his part, Shahbazov said: “The signing of Agreements and implementation of the Project is an indication of the confidence in the business climate in Azerbaijan and will mark a next stage of economic cooperation between our countries.

“I am confident that after ‘ACWA Power’ - other companies from Saudi Arabia will follow suit and will invest in Azerbaijan."

“Concerning the importance of this project for Azerbaijan, I would like to stress that in addition to being first ever foreign investment based IPP, the wind power station annually will help to generate 1 billion KWh electricity, saving up to 220 million cubic meters of gas, cutting down on 400,000 tons of emissions annually, create new jobs and new production and service areas.”

As a renewable energy leader, ACWA Power’s global expertise in delivering transformative solutions at an affordable cost, will strongly support Azerbaijan in realizing its renewable energy development goals.

Abunayyan also said: “The signing of three key agreements today is a significant milestone and a strong step towards unlocking the renewable energy potential of the Republic of Azerbaijan."

“ACWA Power is honored to partner with the Ministry of Energy, in Azerbaijan and the national electric power company Azerenerji OJSC to develop the first foreign investment based independent wind power plant.”

“I express my sincere thanks to Prince Abdulaziz Bin Salman, Saudi Minister of Energy, for his guidance and presence and patronage of this signing ceremony with the Azerbaijani Ministry of Energy,” Abunayyan added.

Abunayyan also reaffirmed that the agreements signed Tuesday will contribute to Azerbaijan’s ongoing efforts to deploy renewable energy and provide a better future for upcoming generations.

Rzayev said: “According to the contracts to be signed, connecting the 240 MW power plant to be built by the company to the grid and purchasing the power to be generated by the plant will be performed by Azerenerji OJSC.

“The implementation of this project will stimulate the development of our national economy, play an important role in ensuring the energy sustainability in our country, allow for saving the gas, which is our natural resource, and have a positive impact on the environment.”

Notably, ACWA Power remains focused on extending its leadership in high-growth markets through operational excellence and technological expertise, delivering power and desalinated water reliably and responsibly to communities across the globe.



Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
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Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)

Syria and Saudi Arabia signed deals Saturday that include a joint airline and a $1-billion project to develop telecommunications, officials said, as Syria seeks to rebuild after years of war.

The new authorities in Damascus have worked to attract investment and have signed major agreements with several companies and governments.

Syrian Investment Authority chief Talal al-Hilali announced a series of deals including "a low-cost Syrian-Saudi airline aimed at strengthening regional and international air links".

The agreement also includes the development of a new international airport in the northern city of Aleppo, and redeveloping the existing facility.

Hilali also announced an agreement for a project called SilkLink to develop Syria's "telecommunications infrastructure and digital connectivity".

Syrian Telecommunications Minister Abdulsalam Haykal told the signing ceremony that the project would be implemented "with an investment of around $1 billion".

For decades, Syria was unable to secure significant investments because of Assad-era sanctions.

But the United States fully removed its remaining sanctions on Damascus late last year, paving the way for the full return of investments.

Syria and Saudi Arabia also inked an agreement on water desalination and development cooperation on Saturday.

At the ceremony, Saudi Investment Minister Khalid Al-Falih announced the launch of an investment fund for "major projects in Syria with the participation of the (Saudi) private sector".

The deals are part of "building a strategic partnership" between the two countries, he said.

Syria's Hilali said the agreements targeted "vital sectors that impact people's lives and form essential pillars for rebuilding the Syrian economy".

Syria has begun the mammoth task of trying to rebuild its shattered infrastructure and economy.

In July last year, Riyadh signed investment and partnership deals with Damascus valued at $6.4 billion to help rebuild the country's infrastructure, telecommunications and other major sectors.

A month later, Syria signed agreements worth more than $14 billion, including investments in Damascus airport and other transport and real estate projects.

This week, Syria signed a preliminary deal with US energy giant Chevron and Qatari firm Power International to explore for oil and gas offshore.


India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
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India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)

Indian Prime Minister Narendra Modi on Saturday hailed an interim trade agreement with the United States, saying it would bolster global growth and deepen economic ties between the two countries.

The pact cuts US "reciprocal" duties on Indian products to 18 percent from 25 percent, and commits India to large purchases of US energy and industrial goods.

US President Donald Trump, while announcing the deal Tuesday, had said Modi promised to stop buying Russian oil over the war in Ukraine.

The deal eases months of tensions over India's oil purchases -- which Washington says fund a conflict it is trying to end -- and restores the close ties between Trump and the man he describes as "one of my greatest friends."

"Great news for India and USA!" Modi said on X on Saturday, praising US President Donald Trump's "personal commitment" to strengthening bilateral ties.

The agreement, he said, reflected "the growing depth, trust and dynamism" of their partnership.

Modi's remarks came hours after Trump issued an executive order scrapping an additional 25 percent levy imposed over New Delhi's purchases of Russian oil, in a step to implement the trade deal announced this week.

Modi, who has faced criticism at home about opening access of Indian agricultural markets to the United States and terms on oil imports, did not mention Russian oil in his statement.

"This framework will also strengthen resilient and trusted supply chains and contribute to global growth," he said.

It would also create fresh opportunities for Indian farmers, entrepreneurs and fishermen under the "Make in India" initiative.

In a separate statement, Commerce Minister Piyush Goyal said the pact would "open a $30 trillion market for Indian exporters".

Goyal also said the deal protects India's sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry and milk.

Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.

The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.

The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.

Washington and New Delhi are expected to sign a formal trade deal in March.


Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
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Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth

Gold rebounded on Friday and was set for a weekly gain, helped by bargain hunting, a slightly weaker dollar and lingering concerns over US-Iran talks in Oman, while silver recovered from a 1-1/2-month low.

Spot gold rose 3.1% to $4,916.98 per ounce by 09:31 a.m. ET (1431 GMT), recouping losses posted during a volatile Asia session that followed a fall of 3.9% on Thursday. Bullion was headed for a weekly gain of about 1.3%.

US gold futures for April delivery gained 1% to $4,939.70 per ounce.

The US dollar index fell 0.3%, making greenback-priced bullion cheaper for the overseas buyers.

"The gold market is seeing perceived bargain hunting from bullish traders," said Jim Wyckoff, senior analyst at Kitco Metals.

Iran and the US started high-stakes negotiations via Omani mediation on Friday to try to overcome sharp differences over Tehran's nuclear program.

Wyckoff said gold's rebound lacks momentum and the metal is unlikely to break records without a major geopolitical trigger.

Gold, a traditional safe haven, does well in times of geopolitical and economic uncertainty.

Spot silver rose 5.3% to $74.98 an ounce after dipping below $65 earlier, but was still headed for its biggest weekly drop since 2011, down over 10.6%, following steep losses last week as well.

"What we're seeing in silver is huge speculation on the long side," said Wyckoff, adding that after years in a boom cycle, gold and silver now appear to be entering a typical commodity bust phase.

CME Group raised margin requirements for gold and silver futures for a third time in two weeks on Thursday to curb risks from heightened market volatility.

Spot platinum added 3.2% to $2,052 per ounce, while palladium gained 4.9% to $1,695.18. Both were down for the week.