Saudi ACWA Power starts works on $300mln Azerbaijan wind project

Saudi ACWA Power starts works on $300mln Azerbaijan wind project

saudi,project,power,wind,acwa
Saudi Arabia

Saudi ACWA Power starts works on $300mln Azerbaijan wind project

Saudi Arabia’s ACWA Power began construction works on a 240MW wind energy project in Azerbaijan with an investment value of 1.125 billion riyals ($300 million) This follows the signing of a power purchase agreement (PPA) and investment agreements the wind power project, which is located in the Absheron and Khizi regions of Azerbaijan, a statement said. The Saudi utility developer signed initial implementation agreements with Azerbaijan’s Ministry of Energy in January 2020. The independent power producer (IPP) wind project will be developed under a build, own, operate (BOO) model. The project is expected to help Azerbaijan meet its target for renewable energy by supplying 30 percent of the country’s energy requirements by 2030. ACWA Power is a big investor in other central Asian states such as Uzbekistan, where it is developing multi-billion-dollar power projects. In December 2021 its unit signed PPAs worth $108 million wind farms in Uzbekistan. (Reporting by Brinda Darasha; editing by Seban Scaria) [email protected] Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here . ©

Check the history on the topic
Vote to feature