The Azerbaijani Ministry of Energy and ACWA Power held a groundbreaking ceremony for the 240 MW wind power plant with an investment value of SAR 1.125 billion (US$300 million), following the signing of power purchase, investment and transfer agreements according to an independent power generation project model.
The ceremony was attended by His Excellency President Ilham Aliyev, President of the Republic of Azerbaijan, His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy of Saudi Arabia, His Excellency Mr. Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan, Mr. Balababa Rzayev, President of “Azerishiq OJSC” and Mr. Mohammad Abunayyan, Chairman of ACWA Power, along with senior executives.
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. 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 is an important step in Azerbaijan’s energy diversification plans and will help meet the growing power demand in the country as it continues to invest in economic growth and sustainable development.
At the ground-breaking ceremony, ACWA Power also signed an MoU for an offshore wind project with the Ministry of Energy, highlighting its ongoing strategic partnership and commitment to developing the energy sector in Azerbaijan.
