Friday, May 27 2022 Sign In   |    Register
 

News Quick Search


 

News


Front Page
Power News
Today's News
Yesterday's News
Week of May 23
Week of May 16
Week of May 09
Week of May 02
Week of Apr 25
By Topic
By News Partner
Gas News
News Customization
Feedback

 

Pro Plus(+)


Add on products to your professional subscription.
  • Energy Archive News
  •  



    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    ACWA Power breaks ground on first and largest wind project in Azerbaijan


    January 20, 2022 - New Europe

     

      The Azerbaijani Ministry of Energy and ACWA Power held a groundbreaking ceremony on January 14 for the 240 MW wind power plant with an investment value of $300 million, following the signing of power purchase, investment and transfer agreements according to an independent power generation project model, ACWA Power said.

      Saudi Energy Minister Abdulaziz bin Salman al-Saud, ACWA Power Chairman Mohammad Abunayyan, Azerbaijan’s President Ilham Aliyev, Azerbaijan’s Energy Minister Parviz Shahbazov, Azerishiq OJSC President Balababa Rzayev attended the event.

      According to ACWA Power, the project represents the first and largest foreign investment made in Azerbaijan’s renewable energy sector to date and contributes to the country’s target to generate 30% of its energy through renewables. By the fourth quarter of 2023, the project will contribute an estimated 3.7% of energy to Azerbaijan’s total national grid capacity, powering 300,000 households while offsetting 400,000 tonnes of emissions.

      “The wind project reflects the strategic partnership between the Kingdom of Saudi Arabia and the Republic of Azerbaijan in various fields, especially the energy sector,” Al Saud said. “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+, affirming the depth of the relationship especially in light of the (Covid-19) pandemic where Azerbaijan, along with the other participants in the agreement, played a vital role in reinforcing the stability and balance of global oil markets amid the crisis,” the Saudi Energy Minister added.

      He added that the project, whose agreements were signed at the end of 2020, is a building block in the countries’ bilateral relations, and reflects the commitment of KSA and Azerbaijan to enhance the utilisation of numerous energy fields, especially renewable energy. His Highness expressed his confidence in ACWA Power’s ability, one of the world’s leading companies in the clean energy field, to fortify the cooperation between the Kingdom and Azerbaijan, and support the Azerbaijani government’s efforts to meet its national power needs at the highest global standards and competitive costs.

      His Azeri counterpart, Shahbazov, said these investments leverage global expertise by sharing international best practice, support human capital development and enable knowledge transfer into Azerbaijan. “The integration of local suppliers and subcontractors in the development of this remarkable project will elevate national competency in green projects and equip our workforce with the expertise needed to compete with international players,” he said, adding, “ACWA Power is also committed to the adoption of high standards for health, safety, security and environment, which results in optimised value creation at every step of the business cycle”.


      The views expressed in content distributed by Newstex and its re-distributors (collectively, "Newstex Authoritative Content") are solely those of the respective author(s) and not necessarily the views of Newstex et al. It is provided as general information only on an "AS IS" basis, without warranties and conferring no rights, which should not be relied upon as professional advice. Newstex et al. make no claims, promises or guarantees regarding its accuracy or completeness, nor as to the quality of the opinions and commentary contained therein.

    TOP

    Other Articles - International


    TOP

       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.