ACWA Power signs deals for first wind project in Azerbaijan

ACWA Power signs deals for first wind project in Azerbaijan

RIYADH — 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.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