Under the patronage of the Saudi Minister of Energy, ACWA Power signs three agreements for the first foreign investment based independent wind power project, in Azerbaijan

  • Date: 29-Dec-2020
  • Source: Saudi Press Agency
  • Sector:Oil & Gas
  • Country:Saudi Arabia
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Under the patronage of the Saudi Minister of Energy, ACWA Power signs three agreements for the first foreign investment based independent wind power project, in Azerbaijan

Riyadh, Dec 29, 2020, SPA -- Following the signing of the implementation agreement for the $300 million Independent Power Project in January 2020, ACWA Power today 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 His Royal Highness Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, Saudi Minister of Energy, His Excellency Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan, Mr. Balababa Rzayev, President of "Azerenerji“ OJSC, and Mr. 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 prominent solution