ACWA Power signed an implementation agreement with the Ministry of Energy of Azerbaijan for developing, building and operating a 240 MW wind power project. The power purchase agreement (PPA) of the project spans over a period of 20 years on a Build Own Operate (BOO) basis. The ceremony was held in the presence of His Excellency Ali Asadov, Prime Minister of Azerbaijan, Mr. Parviz Shahbazov, Minister of Energy, Mohammad Abunayyan, Chairman of ACWA Power and Rajit Nanda, Chief Investment Officer of ACWA Power.
The 240 MW project is deemed to bolster the government’s efforts in diversifying Azerbaijan’s energy mix by leveraging the country’s rich renewable energy resources and strengthening energy security, as Azerbaijan is undertaking major reforms to divert its dependence from oil and gas. It is one of the two first independent power projects in Azerbaijan.
The investment we will be making in this renewable energy project reinforces the pivotal role that ACWA Power is committed to playing in deploying Saudi foreign investment to promote the decarbonisation of the electricity generation sector by supporting the ambitious sustainability plans and programs being pursued by an increasing number of countries”, Padmanathan added.
ACWA Power’s expertise will offer best practices in effective arrangement of activities and reduction of renewable energy generation cost, resulting in affordable access to energy for the Azerbaijani communities and boosting the overall economic landscape in the Republic of Azerbaijan.