Acwa Power signs contracts for Azerbaijan wind power project
Saudi Arabia’s Acwa Power has signed the power purchase agreement (PPA) and investment agreements for a 240MW wind power project in Azerbaijan. The agreements were signed by Acwa Power and Azerbaijan’s Energy Ministry during an online signing ceremony on 29 December
Saudi Arabia’s Acwa Power has signed the power purchase agreement (PPA) and investment agreements for a 240MW wind power project in Azerbaijan.
The agreements were signed by Acwa Power and Azerbaijan’s Energy Ministry during an online signing ceremony on 29 December. The virtual signing was attended by Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman.
The $300m wind energy project will be located in the Absheron and Khizi regions of Azerbaijan.
Acwa Power signed initial implementation agreements with Azerbaijan’s Ministry of Energy in January this year. The independent power producer (IPP) wind project will be developed under a build, own, operate (BOO) model.
The project will contribute to Azerbaijan’s target for renewable energy to supply 30 per cent of the country’s energy requirements by 2030.
Acwa Power is the Middle East’s largest utilities developer, with investment in 31.2GW of power assets and 5.3 million cubic metre a day of desalination plants.
The wind project will be the second investment from a GCC developer in Azerbaijan’s renewable energy sector. UAE-based Masdar signed initial agreements in January 2020 to develop a 200MW photovoltaic (PV) solar project.
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