ACWA Power starts work on $300mn wind project in Azerbaijan

ACWA Power starts work on $300mn wind project in Azerbaijan

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Saudi Arabia-based power plant developer, ACWA Power and the Azerbaijani Ministry of Energy have started the construction works on a 240-megawatt wind energy project in the Central Asian country with an investment value of $300 million.

The greenfield independent power project is expected to help Azerbaijan meet its target for renewable energy by supplying 30 percent of the country’s energy requirements by 2030.

The project, which is expected to be completed by the fourth quarter of 2023, will contribute around 3.7 percent of energy to the country’s total national grid capacity and power 300,000 households while offsetting 400,000 tonnes of emissions.

Prince Abdulaziz Bin SalmanMinister of EnergySaudi Arabia

“The wind project reflects the strategic partnership between Saudi Arabia and Azerbaijan in various fields, especially the energy sector. In addition to the two countries’ long-term diplomatic and economic relations, cooperation between them has been strengthened in recent years as Azerbaijan became a member of Opec+.”

According to the International Energy Agency, Azerbaijan has significant untapped potential for renewable energy, with a relatively sunny and windy climate, plus sizeable hydro, biomass and geothermal resources.

“We are pleased to see that private companies from outside Azerbaijan invest in our country. These investments leverage global expertise by sharing international